Castleark Management LLC Acquires New Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Castleark Management LLC bought a new position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 260,970 shares of the company's stock, valued at approximately $5,804,000. Castleark Management LLC owned about 0.32% of Grid Dynamics at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Coppell Advisory Solutions LLC purchased a new position in shares of Grid Dynamics in the 4th quarter worth approximately $25,000. Global Retirement Partners LLC acquired a new position in shares of Grid Dynamics in the fourth quarter valued at about $27,000. MCF Advisors LLC raised its stake in shares of Grid Dynamics by 65.8% during the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company's stock valued at $41,000 after buying an additional 740 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Grid Dynamics during the fourth quarter worth approximately $70,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in Grid Dynamics by 68.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 3,157 shares of the company's stock worth $71,000 after buying an additional 1,282 shares in the last quarter. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Grid Dynamics

In other Grid Dynamics news, COO Yury Gryzlov sold 10,306 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $18.66, for a total value of $192,309.96. Following the completion of the sale, the chief operating officer now owns 482,759 shares in the company, valued at approximately $9,008,282.94. This represents a 2.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Anil Doradla sold 2,000 shares of Grid Dynamics stock in a transaction on Friday, March 7th. The stock was sold at an average price of $18.10, for a total transaction of $36,200.00. Following the completion of the transaction, the chief financial officer now directly owns 366,818 shares of the company's stock, valued at $6,639,405.80. The trade was a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,043 shares of company stock valued at $327,338. 7.20% of the stock is owned by corporate insiders.

Grid Dynamics Trading Up 2.8%

Grid Dynamics stock traded up $0.36 during midday trading on Tuesday, reaching $13.20. The stock had a trading volume of 197,282 shares, compared to its average volume of 634,067. Grid Dynamics Holdings, Inc. has a 12 month low of $9.07 and a 12 month high of $25.50. The company has a fifty day moving average price of $14.23 and a two-hundred day moving average price of $18.04. The company has a market capitalization of $1.12 billion, a P/E ratio of 329.43 and a beta of 1.13.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. The business had revenue of $100.42 million for the quarter, compared to analyst estimates of $98.19 million. During the same quarter in the prior year, the firm posted $0.10 EPS. Grid Dynamics's revenue was up 25.8% on a year-over-year basis. On average, equities research analysts predict that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC raised their price target on shares of Grid Dynamics from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $18.75.

Grid Dynamics 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.