475,738 Shares in Grid Dynamics Holdings, Inc. $GDYN Acquired by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC acquired 475,738 shares of Grid Dynamics, valued at approximately $2.7 million and representing about 0.59% of the company. Institutional investors collectively own 71.18% of GDYN.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $9.40. JPMorgan and TD Cowen raised their targets, while Jefferies downgraded the stock to “Hold.”
• Grid Dynamics beat quarterly expectations, reporting $0.11 in earnings per share versus the $0.10 estimate and revenue of $108.16 million versus the $106.55 million consensus. Shares recently opened at $7.98, near the analyst targets but below the one-year high of $10.21.

Squarepoint Ops LLC purchased a new position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 475,738 shares of the company's stock, valued at approximately $2,702,000. Squarepoint Ops LLC owned about 0.59% of Grid Dynamics at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. PNC Financial Services Group Inc. boosted its holdings in shares of Grid Dynamics by 50.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,193 shares of the company's stock valued at $47,000 after acquiring an additional 1,742 shares during the last quarter. Quarry LP boosted its stake in shares of Grid Dynamics by 57.1% during the 3rd quarter. Quarry LP now owns 4,835 shares of the company's stock worth $37,000 after acquiring an additional 1,757 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Grid Dynamics by 175.5% during the 4th quarter. Hantz Financial Services Inc. now owns 3,229 shares of the company's stock worth $29,000 after acquiring an additional 2,057 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in shares of Grid Dynamics by 10.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 34,472 shares of the company's stock valued at $196,000 after acquiring an additional 3,143 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Grid Dynamics by 10.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,513 shares of the company's stock valued at $399,000 after acquiring an additional 3,406 shares during the period. Institutional investors and hedge funds own 71.18% of the company's stock.

Insiders Place Their Bets

In other news, COO Yury Gryzlov sold 3,930 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $8.00, for a total transaction of $31,440.00. Following the transaction, the chief operating officer directly owned 508,087 shares in the company, valued at $4,064,696. The trade was a 0.77% decrease in their position. The sale 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. Over the last 90 days, insiders have sold 9,560 shares of company stock valued at $74,132. Company insiders own 6.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GDYN. Weiss Ratings reiterated a "sell (d)" rating on shares of Grid Dynamics in a research report on Friday, July 31st. JPMorgan Chase & Co. boosted their price objective on Grid Dynamics from $7.00 to $8.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. TD Cowen increased their target price on Grid Dynamics from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Jefferies Financial Group cut shares of Grid Dynamics from a "buy" rating to a "hold" rating and set a $8.00 price target on the stock. in a research note on Friday, May 29th. Finally, Citigroup reissued a "cautious" rating on shares of Grid Dynamics in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Grid Dynamics has an average rating of "Moderate Buy" and a consensus target price of $9.40.

Grid Dynamics Stock Performance

Shares of GDYN opened at $7.98 on Monday. The stock has a 50 day moving average price of $7.07 and a 200 day moving average price of $6.53. Grid Dynamics Holdings, Inc. has a one year low of $5.11 and a one year high of $10.21. The stock has a market capitalization of $647.42 million, a price-to-earnings ratio of 399.20 and a beta of 0.89.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Grid Dynamics had a return on equity of 1.90% and a net margin of 0.68%.The company had revenue of $108.16 million for the quarter, compared to analyst estimates of $106.55 million. On average, analysts predict that Grid Dynamics Holdings, Inc. will post 0.15 earnings per share for the current year.

About Grid Dynamics

Grid Dynamics Holdings, Inc is a technology services company that helps enterprises design, build and modernize digital platforms and applications. Its work combines software engineering, cloud computing, data engineering, artificial intelligence and machine learning to support large-scale business transformation initiatives.

The company provides services for digital commerce, supply chain and logistics, financial services, healthcare, manufacturing and other industries. Its offerings include e-commerce and customer-experience solutions, cloud migration and modernization, data platforms, analytics, enterprise application development, and AI-enabled products and services.

Founded in 2006, Grid Dynamics serves enterprise customers internationally through a distributed delivery model spanning North America, Europe and other regions.

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