Grid Dynamics Holdings, Inc. (NASDAQ:GDYN – Get Rating)’s stock price rose 27.4% during mid-day trading on Wednesday . The stock traded as high as $12.03 and last traded at $11.72. Approximately 22,022 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 1,000,083 shares. The stock had previously closed at $9.20.
GDYN has been the subject of several research analyst reports. Cowen cut Grid Dynamics from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $37.00 to $16.00 in a research report on Thursday, February 24th. TheStreet cut Grid Dynamics from a “c-” rating to a “d+” rating in a research report on Wednesday, March 2nd. Cantor Fitzgerald cut their price objective on Grid Dynamics from $40.00 to $25.00 in a research report on Friday, February 25th. Needham & Company LLC dropped their price target on Grid Dynamics from $45.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, March 4th. Finally, Northland Securities dropped their price target on Grid Dynamics from $40.00 to $22.50 and set an “outperform” rating for the company in a research report on Friday, March 4th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $23.94.
The firm has a market cap of $802.88 million, a PE ratio of -92.38 and a beta of 1.09. The business has a 50-day moving average price of $20.97 and a two-hundred day moving average price of $29.13.
Grid Dynamics (NASDAQ:GDYN – Get Rating) last posted its quarterly earnings data on Thursday, March 3rd. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $66.54 million for the quarter, compared to analyst estimates of $58.79 million. Grid Dynamics had a positive return on equity of 12.30% and a negative net margin of 3.64%. The business’s revenue for the quarter was up 120.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 earnings per share. On average, analysts predict that Grid Dynamics Holdings, Inc. will post 0.19 earnings per share for the current year.
In other Grid Dynamics news, Director Eric Benhamou purchased 23,500 shares of the firm’s stock in a transaction on Wednesday, March 16th. The shares were purchased at an average cost of $10.88 per share, with a total value of $255,680.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stan Klimoff sold 4,000 shares of the firm’s stock in a transaction dated Monday, February 7th. The stock was sold at an average price of $25.34, for a total value of $101,360.00. The disclosure for this sale can be found here. 11.80% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Grid Dynamics by 5.7% in the 4th quarter. BlackRock Inc. now owns 6,222,685 shares of the company’s stock worth $236,275,000 after buying an additional 337,586 shares during the last quarter. Riverbridge Partners LLC lifted its stake in shares of Grid Dynamics by 3.9% in the 4th quarter. Riverbridge Partners LLC now owns 3,088,803 shares of the company’s stock valued at $117,282,000 after purchasing an additional 117,281 shares in the last quarter. Wasatch Advisors Inc. lifted its stake in shares of Grid Dynamics by 69.4% in the 4th quarter. Wasatch Advisors Inc. now owns 2,543,071 shares of the company’s stock valued at $96,560,000 after purchasing an additional 1,041,484 shares in the last quarter. abrdn plc lifted its stake in shares of Grid Dynamics by 8.5% in the 4th quarter. abrdn plc now owns 1,624,313 shares of the company’s stock valued at $61,675,000 after purchasing an additional 127,835 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Grid Dynamics by 66.6% in the 3rd quarter. Jennison Associates LLC now owns 1,596,545 shares of the company’s stock valued at $46,651,000 after purchasing an additional 638,428 shares in the last quarter. 67.15% of the stock is currently owned by hedge funds and other institutional investors.
About Grid Dynamics (NASDAQ:GDYN)
Grid Dynamics Holdings, Inc provides digital engineering and information technology services. Its core business is to deliver focused and complex technical consulting, software design, development, testing and internet service operations. The company also helps organizations become more agile and create innovative digital products and experiences through its deep expertise in emerging technology, such as AI, data science, cloud computing, big data and DevOps, lean software development practices and a performance product culture.
Want More Great Investing Ideas?
Receive News & Ratings for Grid Dynamics Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Grid Dynamics and related companies with MarketBeat.com’s FREE daily email newsletter.