Grid Dynamics (NASDAQ:GDYN) Shares Gap Up – What’s Next?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $9.40, but opened at $9.70. Grid Dynamics shares last traded at $9.9420, with a volume of 204,869 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Zacks Research raised shares of Grid Dynamics from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Grid Dynamics in a research report on Wednesday, October 8th. Needham & Company LLC lowered their price target on shares of Grid Dynamics from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, October 31st. JPMorgan Chase & Co. cut their price objective on Grid Dynamics from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Finally, Jefferies Financial Group started coverage on Grid Dynamics in a research note on Monday, September 22nd. They issued a “buy” rating and a $11.00 target price on the stock. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Grid Dynamics has a consensus rating of “Hold” and a consensus target price of $11.33.

Grid Dynamics Stock Performance

The firm’s 50 day moving average is $8.46 and its 200-day moving average is $9.34. The firm has a market cap of $852.79 million, a price-to-earnings ratio of 67.07 and a beta of 0.85.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, October 30th. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. Grid Dynamics had a net margin of 3.42% and a return on equity of 1.74%. The firm had revenue of $104.16 million for the quarter, compared to the consensus estimate of $103.64 million. During the same period in the prior year, the business posted $0.14 earnings per share. The business’s quarterly revenue was up 19.1% on a year-over-year basis. As a group, research analysts predict that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current year.

Institutional Investors Weigh In On Grid Dynamics

A number of large investors have recently added to or reduced their stakes in GDYN. Caitong International Asset Management Co. Ltd raised its position in shares of Grid Dynamics by 28,150.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,695 shares of the company’s stock valued at $27,000 after purchasing an additional 1,689 shares during the period. SBI Securities Co. Ltd. bought a new position in Grid Dynamics in the 3rd quarter worth $31,000. PNC Financial Services Group Inc. raised its holdings in Grid Dynamics by 199.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,293 shares of the company’s stock worth $36,000 after acquiring an additional 1,526 shares during the period. Quarry LP lifted its position in Grid Dynamics by 57.1% during the 3rd quarter. Quarry LP now owns 4,835 shares of the company’s stock worth $37,000 after acquiring an additional 1,757 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Grid Dynamics during the second quarter valued at about $43,000. Institutional investors 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.