Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 58.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 437,001 shares of the company's stock after selling 612,457 shares during the quarter. Bank of America Corp DE owned about 0.53% of Grid Dynamics worth $9,719,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Loomis Sayles & Co. L P purchased a new position in shares of Grid Dynamics in the 4th quarter worth $55,114,000. Vanguard Group Inc. lifted its holdings in shares of Grid Dynamics by 26.8% in the 4th quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company's stock valued at $123,110,000 after acquiring an additional 1,171,481 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Grid Dynamics in the fourth quarter worth about $22,192,000. Next Century Growth Investors LLC increased its stake in Grid Dynamics by 78.1% during the fourth quarter. Next Century Growth Investors LLC now owns 1,622,226 shares of the company's stock worth $36,078,000 after acquiring an additional 711,150 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new stake in Grid Dynamics during the fourth quarter worth approximately $15,542,000. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock traded up $0.07 during trading on Thursday, hitting $12.70. The stock had a trading volume of 756,087 shares, compared to its average volume of 638,099. Grid Dynamics Holdings, Inc. has a 12 month low of $9.07 and a 12 month high of $25.50. The firm's fifty day simple moving average is $14.01 and its 200-day simple moving average is $17.92. The stock has a market cap of $1.07 billion, a PE ratio of 317.50 and a beta of 1.13.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $100.42 million for the quarter, compared to analyst estimates of $98.19 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 EPS. Analysts expect that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Grid Dynamics

In other news, COO Yury Gryzlov sold 10,306 shares of the business's 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 transaction, the chief operating officer now directly owns 482,759 shares of the company's stock, valued at approximately $9,008,282.94. The trade was a 2.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Anil Doradla sold 2,000 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $18.10, for a total value of $36,200.00. Following the transaction, the chief financial officer now directly owns 366,818 shares in the company, valued at approximately $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. Insiders have sold 19,043 shares of company stock valued at $327,338 in the last quarter. 7.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

Grid Dynamics Company 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.