Grid Dynamics (NASDAQ:GDYN) Sees Large Volume Increase – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw unusually-strong trading volume on Tuesday . Approximately 253,674 shares changed hands during mid-day trading, a decline of 39% from the previous session’s volume of 417,146 shares.The stock last traded at $22.91 and had previously closed at $22.50.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GDYN shares. Citigroup upped their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Needham & Company LLC increased their price target on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. JPMorgan Chase & Co. boosted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, TD Cowen upped their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Grid Dynamics currently has an average rating of “Buy” and an average price target of $18.33.

Grid Dynamics Stock Performance

The firm has a 50-day moving average price of $18.13 and a two-hundred day moving average price of $14.67. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 749.92 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $87.40 million during the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.08 EPS. Research analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $17.66, for a total value of $70,640.00. Following the completion of the sale, the chief financial officer now directly owns 376,282 shares of the company’s stock, valued at approximately $6,645,140.12. This represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total transaction of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares in the company, valued at approximately $50,390,718.56. This trade represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,000 shares of company stock valued at $399,260. 7.20% of the stock is currently owned by insiders.

Institutional Trading of Grid Dynamics

A number of large investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its holdings in shares of Grid Dynamics by 30.9% in the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after buying an additional 675,419 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Grid Dynamics by 14.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock worth $17,581,000 after purchasing an additional 206,201 shares during the last quarter. State Street Corp lifted its stake in shares of Grid Dynamics by 0.5% in the 3rd quarter. State Street Corp now owns 1,446,130 shares of the company’s stock worth $20,246,000 after acquiring an additional 6,938 shares during the period. Geode Capital Management LLC boosted its holdings in Grid Dynamics by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after purchasing an additional 17,763 shares in the last quarter. Finally, Summit Creek Advisors LLC boosted its stake in shares of Grid Dynamics by 25.1% in the second quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after buying an additional 230,688 shares in the last quarter. Institutional investors and hedge funds own 71.18% of the company’s stock.

About Grid Dynamics

Grid Dynamics Holdings, Inc, together with its subsidiaries, provides technology consulting, platform and product engineering, and analytics services in North America, Europe, and internationally. It offers cloud platform and product engineering services, such as architecting, designing, and building scalable and secure cloud-based platforms and business applications; and AI/machine learning and data platform engineering services that build platforms to facilitate batch and streaming data ingestion, quality governance, orchestration, semantic modeling, observability, and analysis at scale.