Grid Dynamics (NASDAQ:GDYN) Stock Price Down 4.9% – What’s Next?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s share price traded down 4.9% on Monday . The stock traded as low as $23.00 and last traded at $22.87. 539,611 shares changed hands during trading, a decline of 24% from the average session volume of 711,620 shares. The stock had previously closed at $24.05.

Analyst Ratings Changes

GDYN has been the subject of several recent research reports. Needham & Company LLC increased their price target on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Citigroup raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. upped their price objective 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. Finally, TD Cowen upped their price objective on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $18.33.

Grid Dynamics Stock Performance

The stock’s 50-day moving average is $21.19 and its two-hundred day moving average is $17.18. The stock has a market cap of $1.87 billion, a PE ratio of 757.59 and a beta of 1.01.

Insider Activity

In related news, CFO Anil Doradla sold 2,000 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $24.09, for a total transaction of $48,180.00. Following the completion of the transaction, the chief financial officer now directly owns 341,012 shares of the company’s stock, valued at $8,214,979.08. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 8,000 shares of company stock valued at $171,780. 7.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. MCF Advisors LLC increased its stake in shares of Grid Dynamics by 65.8% during the fourth quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after buying an additional 740 shares during the period. FMR LLC raised its holdings in shares of 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 purchasing an additional 801 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position 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 grew its stake in shares of Grid Dynamics by 5.6% during the second 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 in the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Grid Dynamics in the fourth quarter valued at $27,000. Hedge funds and other institutional investors 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.