Grid Dynamics (NASDAQ:GDYN) Reaches New 52-Week High – Here’s Why

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) reached a new 52-week high on Thursday . The stock traded as high as $17.66 and last traded at $17.65, with a volume of 103010 shares trading hands. The stock had previously closed at $16.98.

Analyst Ratings Changes

A number of equities analysts have recently commented on GDYN shares. JPMorgan Chase & Co. lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC lifted their price objective on shares of Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Cantor Fitzgerald raised Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Citigroup upped their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, TD Cowen lifted their target price on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $17.50.

Grid Dynamics Trading Up 1.9 %

The stock has a fifty day simple moving average of $14.68 and a two-hundred day simple moving average of $12.37. The company has a market cap of $1.38 billion, a PE ratio of 600.20 and a beta of 1.04.

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

Insider Buying and Selling

In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the completion of the transaction, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the completion of the transaction, the chief financial officer now owns 380,282 shares of the company’s stock, valued at $6,715,780.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the sale, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 961,387 shares of company stock valued at $12,363,984. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC raised its position in shares of Grid Dynamics by 42.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after purchasing an additional 142,446 shares during the last quarter. Silvercrest Asset Management Group LLC raised its holdings in shares of Grid Dynamics by 43.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after acquiring an additional 182,052 shares during the last quarter. Comerica Bank lifted its position in shares of Grid Dynamics by 198.8% in the first quarter. Comerica Bank now owns 77,820 shares of the company’s stock valued at $956,000 after acquiring an additional 51,778 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Grid Dynamics by 1.6% during the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock valued at $51,643,000 after acquiring an additional 64,300 shares during the last quarter. Finally, Fourth Sail Capital LP increased its position in Grid Dynamics by 138.0% during the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares in the last quarter. Institutional investors and hedge funds 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.