Grid Dynamics (NASDAQ:GDYN) Price Target Lowered to $8.00 at Needham & Company LLC

Grid Dynamics (NASDAQ:GDYN) had its target price cut by investment analysts at Needham & Company LLC from $10.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 40.60% from the company’s current price.

Several other research firms have also commented on GDYN. Weiss Ratings lowered shares of Grid Dynamics from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, April 7th. Zacks Research downgraded Grid Dynamics from a “hold” rating to a “strong sell” rating in a research note on Monday, March 9th. Northland Securities cut their price objective on Grid Dynamics from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Monday, March 9th. JPMorgan Chase & Co. cut their price objective on Grid Dynamics from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Wednesday, February 18th. Finally, TD Cowen cut their price objective on Grid Dynamics from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, March 6th. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $10.20.

Grid Dynamics Stock Up 1.4%

NASDAQ GDYN opened at $5.69 on Friday. Grid Dynamics has a 52 week low of $5.13 and a 52 week high of $15.32. The firm has a market capitalization of $485.64 million, a P/E ratio of 56.90 and a beta of 0.88. The company has a 50-day moving average price of $6.04 and a 200-day moving average price of $7.68.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. Grid Dynamics had a net margin of 2.35% and a return on equity of 1.46%. The firm had revenue of $104.10 million during the quarter, compared to analyst estimates of $103.32 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Grid Dynamics will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Aaron Wealth Advisors LLC bought a new position in shares of Grid Dynamics during the 1st quarter valued at approximately $98,000. Louisiana State Employees Retirement System bought a new position in Grid Dynamics in the 1st quarter worth approximately $167,000. Corient Private Wealth LLC bought a new position in Grid Dynamics in the 4th quarter worth approximately $194,000. T. Rowe Price Investment Management Inc. boosted its stake in Grid Dynamics by 4,907,857.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,030,671 shares of the company’s stock worth $9,307,000 after purchasing an additional 1,030,650 shares during the period. Finally, Invesco Ltd. boosted its stake in Grid Dynamics by 4.9% in the 4th quarter. Invesco Ltd. now owns 279,867 shares of the company’s stock worth $2,527,000 after purchasing an additional 12,993 shares during the period. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Company Profile

Grid Dynamics (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.