Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Short Interest Up 18.2% in December

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 2,210,000 shares, an increase of 18.2% from the December 15th total of 1,870,000 shares. Based on an average trading volume of 891,300 shares, the days-to-cover ratio is currently 2.5 days. Approximately 3.5% of the company’s shares are short sold.

Insider Buying and Selling at Grid Dynamics

In other news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction on 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 of the company’s stock, valued at $6,645,140.12. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 13,000 shares of company stock valued at $247,220. 7.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MCF Advisors LLC increased its stake in Grid Dynamics by 65.8% in the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock valued at $41,000 after buying an additional 740 shares during the last quarter. FMR LLC increased its stake in Grid Dynamics by 38.7% in the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after buying an additional 801 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Grid Dynamics by 10.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 10,903 shares of the company’s stock worth $242,000 after purchasing an additional 1,036 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Grid Dynamics by 5.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock worth $235,000 after purchasing an additional 1,184 shares during the last quarter. Finally, Trust Point Inc. increased its stake in shares of Grid Dynamics by 5.0% during the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock worth $452,000 after purchasing an additional 1,532 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GDYN shares. TD Cowen lifted their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Citigroup lifted their price target on shares of 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 raised their price objective on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $18.33.

Grid Dynamics Stock Up 2.0 %

Shares of NASDAQ:GDYN traded up $0.41 during midday trading on Friday, reaching $21.06. 498,634 shares of the company were exchanged, compared to its average volume of 1,463,230. Grid Dynamics has a fifty-two week low of $9.07 and a fifty-two week high of $24.16. The stock has a fifty day simple moving average of $19.72 and a two-hundred day simple moving average of $15.83. The firm has a market cap of $1.74 billion, a PE ratio of 702.23 and a beta of 1.01.

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

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.