Zacks Research lowered shares of Grid Dynamics (NASDAQ:GDYN – Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday morning,Zacks reports.
Other research analysts have also recently issued research reports about the company. Weiss Ratings restated a “sell (d)” rating on shares of Grid Dynamics in a research note on Friday, July 31st. TD Cowen upped their target price on Grid Dynamics from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their target price on Grid Dynamics from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Finally, Needham & Company LLC raised their target price on Grid Dynamics from $8.00 to $10.00 and gave the company a “buy” rating in a report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Grid Dynamics presently has an average rating of “Hold” and a consensus price target of $9.40.
Read Our Latest Stock Analysis on GDYN
Grid Dynamics Stock Performance
Shares of NASDAQ:GDYN traded down $0.22 during midday trading on Thursday, hitting $7.79. 676,468 shares of the company’s stock traded hands, compared to its average volume of 804,880. The firm’s fifty day moving average price is $7.87 and its two-hundred day moving average price is $6.79. Grid Dynamics has a twelve month low of $5.11 and a twelve month high of $10.21. The company has a market cap of $632.00 million, a PE ratio of 389.69 and a beta of 0.97.
Grid Dynamics (NASDAQ:GDYN – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Grid Dynamics had a net margin of 0.68% and a return on equity of 1.90%. The firm had revenue of $108.16 million during the quarter, compared to analysts’ expectations of $106.55 million. As a group, equities research analysts anticipate that Grid Dynamics will post 0.20 EPS for the current fiscal year.
Insider Activity at Grid Dynamics
In other news, COO Yury Gryzlov sold 4,849 shares of the business’s stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $8.00, for a total transaction of $38,792.00. Following the transaction, the chief operating officer directly owned 495,290 shares of the company’s stock, valued at approximately $3,962,320. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,409 shares of company stock worth $115,625 over the last 90 days. Insiders own 6.50% of the company’s stock.
Hedge Funds Weigh In On Grid Dynamics
Institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in Grid Dynamics by 60.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,315 shares of the company’s stock valued at $47,000 after buying an additional 3,122 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Grid Dynamics by 10.0% during the first quarter. Illinois Municipal Retirement Fund now owns 34,472 shares of the company’s stock worth $196,000 after acquiring an additional 3,143 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Grid Dynamics by 2.4% during the first quarter. Principal Financial Group Inc. now owns 323,773 shares of the company’s stock worth $1,846,000 after acquiring an additional 7,548 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Grid Dynamics in the second quarter worth about $75,000. Finally, Aaron Wealth Advisors LLC acquired a new position in shares of Grid Dynamics in the first quarter worth about $98,000. Institutional investors and hedge funds own 71.18% of the company’s stock.
Grid Dynamics Company Profile
Grid Dynamics Holdings, Inc (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises modernize their businesses through software development, cloud computing, data and analytics, and artificial intelligence. The company designs and builds technology platforms intended to improve operational efficiency, customer experiences, and the use of enterprise data.
Its services include digital commerce and customer experience solutions, cloud and data engineering, machine learning and artificial intelligence, application modernization, and software product development.
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