Grid Dynamics (NASDAQ:GDYN) Stock Price Up 10.5% – Here’s Why

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shot up 10.5% during mid-day trading on Wednesday . The company traded as high as $6.75 and last traded at $6.7830. 2,361,193 shares were traded during mid-day trading, an increase of 28% from the average session volume of 1,840,035 shares. The stock had previously closed at $6.14.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Needham & Company LLC dropped their price target on Grid Dynamics from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Jefferies Financial Group downgraded Grid Dynamics from a “buy” rating to a “hold” rating and set a $8.00 price objective for the company. in a report on Friday, May 29th. Citigroup restated a “cautious” rating on shares of Grid Dynamics in a research report on Friday, May 29th. TD Cowen cut their target price on shares of Grid Dynamics from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Zacks Research upgraded shares of Grid Dynamics from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Grid Dynamics presently has an average rating of “Hold” and an average price target of $9.00.

Grid Dynamics Stock Up 11.2%

The stock has a fifty day moving average of $6.21 and a 200-day moving average of $6.58. The stock has a market cap of $570.77 million, a PE ratio of 136.93 and a beta of 0.98.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $103.32 million. Grid Dynamics had a return on equity of 1.20% and a net margin of 1.27%.The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 EPS. Equities research analysts forecast that Grid Dynamics Holdings, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Yury Gryzlov sold 4,435 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $8.00, for a total value of $35,480.00. Following the transaction, the chief operating officer owned 514,948 shares of the company’s stock, valued at approximately $4,119,584. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 6,147 shares of company stock valued at $46,323 over the last quarter. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hantz Financial Services Inc. increased its stake in Grid Dynamics by 175.5% in the 4th quarter. Hantz Financial Services Inc. now owns 3,229 shares of the company’s stock valued at $29,000 after buying an additional 2,057 shares during the period. GAMMA Investing LLC lifted its stake in shares of Grid Dynamics by 273.2% in the 4th quarter. GAMMA Investing LLC now owns 3,598 shares of the company’s stock worth $32,000 after acquiring an additional 2,634 shares during the period. Quarry LP lifted its stake in shares of Grid Dynamics by 57.1% in 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 period. Canada Pension Plan Investment Board purchased a new stake in shares of Grid Dynamics in the second quarter valued at about $43,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Grid Dynamics by 60.1% in the first quarter. PNC Financial Services Group Inc. now owns 8,315 shares of the company’s stock valued at $47,000 after acquiring an additional 3,122 shares in the last quarter. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

About Grid Dynamics

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.