Oak Ridge Investments LLC Acquires New Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Key Points

• Oak Ridge Investments LLC acquired a new position in Grid Dynamics Holdings, Inc. in the first quarter, purchasing 102,122 shares valued at approximately $1.6 million.
• As of now, 71.18% of Grid Dynamics' stock is owned by institutional investors, highlighting significant institutional interest in the company.
• Analysts have mixed ratings on Grid Dynamics, with a consensus of "Moderate Buy" and an average price target of $17.50, despite a recent downgrade to "hold" by Wall Street Zen.

Oak Ridge Investments LLC acquired a new stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 102,122 shares of the company's stock, valued at approximately $1,598,000. Oak Ridge Investments LLC owned 0.12% of Grid Dynamics at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Coppell Advisory Solutions LLC bought a new position in shares of Grid Dynamics during the 4th quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Grid Dynamics by 28,150.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,695 shares of the company's stock valued at $27,000 after acquiring an additional 1,689 shares during the period. PNC Financial Services Group Inc. boosted its stake in Grid Dynamics by 199.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,293 shares of the company's stock worth $36,000 after purchasing an additional 1,526 shares during the period. USA Financial Formulas bought a new position in Grid Dynamics in the 1st quarter worth approximately $42,000. Finally, Johnson Financial Group Inc. bought a new position in Grid Dynamics in the 4th quarter worth approximately $70,000. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Price Performance

GDYN stock opened at $8.06 on Thursday. The company has a market capitalization of $682.44 million, a price-to-earnings ratio of 42.42 and a beta of 1.06. Grid Dynamics Holdings, Inc. has a 1-year low of $7.52 and a 1-year high of $25.50. The business has a 50 day simple moving average of $10.72 and a two-hundred day simple moving average of $14.56.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.10 EPS for the quarter, meeting analysts' consensus estimates of $0.10. The firm had revenue of $101.10 million during the quarter, compared to the consensus estimate of $100.45 million. Grid Dynamics had a return on equity of 1.89% and a net margin of 4.37%. The company's quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.08 EPS. Sell-side analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GDYN has been the subject of several recent analyst reports. Wall Street Zen downgraded Grid Dynamics from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Needham & Company LLC dropped their price target on Grid Dynamics from $20.00 to $15.00 and set a "buy" rating for the company in a research note on Friday, August 1st. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Grid Dynamics has a consensus rating of "Moderate Buy" and an average price target of $17.50.

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.

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