Millennium Management LLC Takes $519,000 Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Millennium Management LLC acquired a new position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 23,357 shares of the company's stock, valued at approximately $519,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Loomis Sayles & Co. L P purchased a new stake in Grid Dynamics in the 4th quarter worth approximately $55,114,000. Vanguard Group Inc. lifted its position in Grid Dynamics by 26.8% during the fourth quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company's stock valued at $123,110,000 after buying an additional 1,171,481 shares in the last quarter. Focus Partners Wealth purchased a new position in shares of Grid Dynamics in the fourth quarter valued at $23,053,000. William Blair Investment Management LLC purchased a new stake in Grid Dynamics during the 4th quarter worth approximately $22,192,000. Finally, Ensign Peak Advisors Inc bought a new position in Grid Dynamics during the 4th quarter valued at $20,162,000. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Grid Dynamics Stock Down 1.5%

Shares of NASDAQ GDYN traded down $0.19 during midday trading on Thursday, hitting $12.07. 591,654 shares of the company's stock were exchanged, compared to its average volume of 649,081. Grid Dynamics Holdings, Inc. has a 12 month low of $9.11 and a 12 month high of $25.50. The firm has a market capitalization of $1.02 billion, a PE ratio of 301.75 and a beta of 1.07. The company's 50 day moving average price is $13.41 and its 200 day moving average price is $17.61.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $100.42 million during the quarter, compared to analysts' expectations of $98.19 million. Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. The firm's revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.10 earnings per share. On average, equities research analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current year.

Analyst Upgrades and Downgrades

GDYN has been the topic of several analyst reports. Wall Street Zen cut Grid Dynamics from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Needham & Company LLC increased their price objective on Grid Dynamics from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $18.75.

Insider Buying and Selling at Grid Dynamics

In other Grid Dynamics news, COO Yury Gryzlov sold 2,000 shares of Grid Dynamics stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $13.22, for a total transaction of $26,440.00. Following the completion of the transaction, the chief operating officer now owns 474,269 shares in the company, valued at approximately $6,269,836.18. The trade was a 0.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 4,737 shares of company stock valued at $65,288. 7.20% of the stock is currently owned by insiders.

About Grid Dynamics

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.