Short Interest in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Drops By 7.5%

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 3,350,000 shares, a decline of 7.5% from the January 15th total of 3,620,000 shares. Approximately 4.4% of the company’s stock are sold short. Based on an average trading volume of 996,500 shares, the short-interest ratio is currently 3.4 days.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GDYN. Needham & Company LLC lifted their price target on Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Citigroup boosted 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. 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. Finally, TD Cowen upped their target price 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. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $18.33.

Grid Dynamics Stock Down 2.3 %

NASDAQ GDYN traded down $0.51 during trading hours on Tuesday, hitting $22.01. The company had a trading volume of 570,211 shares, compared to its average volume of 719,400. Grid Dynamics has a fifty-two week low of $9.07 and a fifty-two week high of $24.60. The firm has a market cap of $1.82 billion, a P/E ratio of 733.91 and a beta of 1.01. The business has a fifty day simple moving average of $21.54 and a 200-day simple moving average of $17.52.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 2,000 shares of Grid Dynamics stock in a transaction on Friday, February 7th. The shares were sold at an average price of $24.09, for a total transaction of $48,180.00. Following the completion of the sale, the chief financial officer now directly owns 341,012 shares of the company’s stock, valued at approximately $8,214,979.08. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 8,000 shares of company stock worth $171,780 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Institutional Trading of Grid Dynamics

Hedge funds have recently bought and sold shares of the company. Loomis Sayles & Co. L P bought a new position in Grid Dynamics in the 4th quarter worth approximately $55,114,000. Vanguard Group Inc. raised its stake in shares of Grid Dynamics by 26.8% in the 4th quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company’s stock worth $123,110,000 after buying an additional 1,171,481 shares in the last quarter. Focus Partners Wealth acquired a new stake in Grid Dynamics during the fourth quarter valued at approximately $23,053,000. William Blair Investment Management LLC acquired a new position in Grid Dynamics in the 4th quarter worth approximately $22,192,000. Finally, Ensign Peak Advisors Inc purchased a new position in Grid Dynamics in the fourth quarter valued at about $20,162,000. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Company Profile

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.