Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Receives $17.50 Average Price Target from Analysts

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) have been assigned an average recommendation of “Buy” from the six analysts that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $17.50.

Several research analysts have recently commented on GDYN shares. Citigroup lifted their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. JPMorgan Chase & Co. increased their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC boosted their price objective on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Cantor Fitzgerald raised Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Finally, TD Cowen boosted their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st.

Grid Dynamics Price Performance

Shares of GDYN stock opened at $15.88 on Thursday. The firm has a market capitalization of $1.22 billion, a P/E ratio of 529.51 and a beta of 1.04. Grid Dynamics has a 12 month low of $9.07 and a 12 month high of $19.86. The company’s fifty day moving average price is $15.22 and its two-hundred day moving average price is $12.79.

Grid Dynamics (NASDAQ:GDYN) last announced 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 company had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the business earned $0.08 EPS.

Insiders Place Their Bets

In related news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares in the company, valued at $177,781,542.40. The trade was a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anil Doradla sold 4,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $17.66, for a total transaction of $70,640.00. Following the transaction, the chief financial officer now directly owns 376,282 shares in the company, valued at approximately $6,645,140.12. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 950,387 shares of company stock worth $12,239,324. 7.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of institutional investors have recently added to or reduced their stakes in GDYN. FMR LLC raised its stake in shares of Grid Dynamics by 38.7% in the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after buying an additional 801 shares in the last quarter. Quarry LP grew its holdings in Grid Dynamics by 131.5% during the third quarter. Quarry LP now owns 5,236 shares of the company’s stock worth $73,000 after acquiring an additional 2,974 shares during the period. Harbor Capital Advisors Inc. raised its position in Grid Dynamics by 21.3% in the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock worth $106,000 after acquiring an additional 1,770 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in Grid Dynamics in the 2nd quarter valued at about $117,000. Finally, Quantbot Technologies LP bought a new position in shares of Grid Dynamics during the 3rd quarter valued at about $122,000. 71.18% of the stock is currently owned by institutional investors and hedge funds.

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.