Bank of America Corp DE Buys 157,767 Shares of Grid Dynamics Holdings, Inc. $GDYN

Key Points

• Bank of America increased its Grid Dynamics stake by 76.4% in the first quarter, buying 157,767 shares to hold 364,342 shares worth approximately $2.08 million. Institutional investors collectively own 71.18% of GDYN.
• Grid Dynamics reported quarterly earnings of $0.11 per share, surpassing estimates of $0.10, while revenue of $108.16 million also exceeded expectations. Shares recently opened at $7.85, near the middle of their 52-week range.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $9.40, although ratings range from Strong Buy to Sell. Recent targets include $10 from Needham, $9 from TD Cowen and $8 from JPMorgan, while insiders sold a total of $42,788 in stock over the past three months.

Bank of America Corp DE lifted its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 76.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 364,342 shares of the company's stock after purchasing an additional 157,767 shares during the period. Bank of America Corp DE owned 0.44% of Grid Dynamics worth $2,077,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of GDYN. Hantz Financial Services Inc. lifted its stake in shares of Grid Dynamics by 175.5% in the 4th quarter. Hantz Financial Services Inc. now owns 3,229 shares of the company's stock valued at $29,000 after purchasing an additional 2,057 shares during the period. Quarry LP raised its holdings in Grid Dynamics by 57.1% in the third quarter. Quarry LP now owns 4,835 shares of the company's stock worth $37,000 after purchasing an additional 1,757 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Grid Dynamics in the 2nd quarter worth about $43,000. PNC Financial Services Group Inc. lifted its position in Grid Dynamics by 50.5% during 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 period. Finally, Tower Research Capital LLC TRC lifted its position in Grid Dynamics by 208.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,213 shares of the company's stock valued at $72,000 after acquiring an additional 4,197 shares during the period. Institutional investors own 71.18% of the company's stock.

Grid Dynamics Stock Performance

Shares of NASDAQ GDYN opened at $7.85 on Thursday. The firm's 50 day moving average price is $6.76 and its 200-day moving average price is $6.46. Grid Dynamics Holdings, Inc. has a 52-week low of $5.11 and a 52-week high of $10.21. The company has a market cap of $636.87 million, a PE ratio of 392.70 and a beta of 0.89.

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, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $108.16 million during the quarter, compared to the consensus estimate of $106.55 million. Grid Dynamics had a net margin of 0.68% and a return on equity of 1.90%. On average, analysts forecast that Grid Dynamics Holdings, Inc. will post 0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on GDYN shares. Citigroup restated a "cautious" rating on shares of Grid Dynamics in a report on Friday, May 29th. TD Cowen boosted their price target on Grid Dynamics from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Needham & Company LLC upped their price target on Grid Dynamics from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. JPMorgan Chase & Co. raised 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. Finally, Jefferies Financial Group cut Grid Dynamics from a "buy" rating to a "hold" rating and set a $8.00 price objective for the company. in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $9.40.

Insider Buying and Selling at Grid Dynamics

In related news, COO Yury Gryzlov sold 3,930 shares of Grid Dynamics stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $8.00, for a total value of $31,440.00. Following the completion of the sale, the chief operating officer directly owned 508,087 shares in the company, valued at approximately $4,064,696. This trade represents a 0.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 5,642 shares of company stock valued at $42,788 in the last three months. 6.50% of the stock is owned by insiders.

About Grid Dynamics

Grid Dynamics NASDAQ: GDYN is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.

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