Connor Clark & Lunn Investment Management Ltd. Purchases 188,296 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Grid Dynamics by 106.5% in the first quarter, owning approximately 0.44% of the company's shares valued at $5.7 million.
• Several institutional investors raised their positions in Grid Dynamics recently, with 71.18% of the company's stock now owned by such investors and hedge funds.
• Grid Dynamics reported a revenue of $101.1 million for the last quarter, reflecting a 21.7% year-over-year increase, and met analysts’ EPS expectations with a reported $0.10 EPS.

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 106.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 365,139 shares of the company's stock after purchasing an additional 188,296 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.44% of Grid Dynamics worth $5,714,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Coppell Advisory Solutions LLC bought a new position in shares of Grid Dynamics in the 4th quarter valued at about $25,000. PNC Financial Services Group Inc. lifted its position in Grid Dynamics by 199.0% during the first quarter. PNC Financial Services Group Inc. now owns 2,293 shares of the company's stock worth $36,000 after acquiring an additional 1,526 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of Grid Dynamics in the first quarter valued at approximately $42,000. Johnson Financial Group Inc. acquired a new stake in shares of Grid Dynamics in the fourth quarter valued at approximately $70,000. Finally, Cetera Investment Advisers raised its position in shares of Grid Dynamics by 29.3% in the first quarter. Cetera Investment Advisers now owns 11,639 shares of the company's stock valued at $182,000 after buying an additional 2,640 shares in the last quarter. Institutional investors own 71.18% of the company's stock.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock traded down $0.29 during trading on Friday, hitting $7.70. The company's stock had a trading volume of 1,689,229 shares, compared to its average volume of 1,339,195. Grid Dynamics Holdings, Inc. has a 52 week low of $7.52 and a 52 week high of $25.50. The stock has a market cap of $651.96 million, a price-to-earnings ratio of 40.53 and a beta of 1.06. The stock has a 50-day moving average price of $10.56 and a two-hundred day moving average price of $14.32.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. Grid Dynamics had a net margin of 4.37% and a return on equity of 1.89%. The company had revenue of $101.10 million for the quarter, compared to analysts' expectations of $100.45 million. During the same quarter in the previous year, the firm posted $0.08 earnings per share. Grid Dynamics's revenue for the quarter was up 21.7% on a year-over-year basis. On average, equities analysts predict that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Needham & Company LLC lowered their price objective on shares of Grid Dynamics from $20.00 to $15.00 and set a "buy" rating for the company in a research report on Friday, August 1st. Wall Street Zen cut shares of Grid Dynamics from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Grid Dynamics currently has an average rating of "Moderate Buy" and an average target price of $17.50.

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.