Bastion Asset Management Inc. Makes New Investment in Grid Dynamics Holdings, Inc. $GDYN

Key Points

• Bastion Asset Management opened a new position in Grid Dynamics, buying 1,134,450 shares worth about $6.9 million in the first quarter. The stake represented 2.1% of Bastion’s portfolio and about 1.33% of Grid Dynamics outstanding shares.
• Grid Dynamics reported better-than-expected quarterly results, posting EPS of $0.09 versus estimates of $0.08 and revenue of $104.1 million, up 3.7% year over year. Analysts currently expect the company to earn about $0.10 per share for the full fiscal year.
• Wall Street sentiment is mixed but mostly neutral, with an average Hold rating and an average target price of $9.00. The stock traded around $5.80, near its 12-month low of $5.11 and well below its 12-month high of $11.24.

Bastion Asset Management Inc. purchased a new position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,134,450 shares of the company's stock, valued at approximately $6,899,000. Grid Dynamics makes up 2.1% of Bastion Asset Management Inc.'s holdings, making the stock its 15th largest holding. Bastion Asset Management Inc. owned about 1.33% of Grid Dynamics as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Hantz Financial Services Inc. boosted its holdings 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 valued at $29,000 after acquiring an additional 2,057 shares in the last quarter. GAMMA Investing LLC increased its holdings in Grid Dynamics by 273.2% in the 4th quarter. GAMMA Investing LLC now owns 3,598 shares of the company's stock worth $32,000 after purchasing an additional 2,634 shares in the last quarter. Quarry LP raised its position in Grid Dynamics by 57.1% in the third quarter. Quarry LP now owns 4,835 shares of the company's stock valued at $37,000 after purchasing an additional 1,757 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Grid Dynamics in the second quarter valued at about $43,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Grid Dynamics by 50.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,193 shares of the company's stock valued at $47,000 after purchasing an additional 1,742 shares in the last quarter. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Trading Up 1.0%

Shares of GDYN opened at $5.80 on Friday. The stock's 50-day moving average price is $6.34 and its two-hundred day moving average price is $6.78. Grid Dynamics Holdings, Inc. has a 12 month low of $5.11 and a 12 month high of $11.24. The company has a market capitalization of $485.05 million, a PE ratio of 116.02 and a beta of 0.98.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. Grid Dynamics had a return on equity of 1.20% and a net margin of 1.27%.The company had revenue of $104.10 million during the quarter, compared to analysts' expectations of $103.32 million. During the same quarter in the prior year, the firm posted $0.11 earnings per share. The business's quarterly revenue was up 3.7% on a year-over-year basis. Equities research analysts predict that Grid Dynamics Holdings, Inc. will post 0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GDYN shares. Weiss Ratings cut Grid Dynamics from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 4th. Citigroup reiterated a "cautious" rating on shares of Grid Dynamics in a report on Friday, May 29th. TD Cowen cut their target price on shares of Grid Dynamics from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Needham & Company LLC reduced their target price on shares of Grid Dynamics from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Friday, May 1st. Finally, Zacks Research upgraded shares of Grid Dynamics from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 6th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $9.00.

Insiders Place Their Bets

In other Grid Dynamics news, COO Yury Gryzlov sold 4,435 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $8.00, for a total transaction of $35,480.00. Following the completion of the sale, the chief operating officer owned 514,948 shares of the company's stock, valued at approximately $4,119,584. This represents a 0.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 6,147 shares of company stock worth $46,323. Corporate insiders own 6.50% of the company's stock.

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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