Grid Dynamics (NASDAQ:GDYN) Hits New 1-Year Low - Here's Why

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report) shares reached a new 52-week low on Friday . The stock traded as low as $10.61 and last traded at $10.63, with a volume of 761140 shares traded. The stock had previously closed at $11.48.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GDYN. Wall Street Zen downgraded shares of Grid Dynamics from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Needham & Company LLC lifted their target price on Grid Dynamics from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Grid Dynamics currently has an average rating of "Buy" and an average price target of $18.75.

Grid Dynamics Stock Performance

The stock has a market cap of $898.77 million, a P/E ratio of 88.59 and a beta of 1.04. The stock has a 50-day moving average price of $12.63 and a 200-day moving average price of $16.53.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. The business had revenue of $100.42 million for the quarter, compared to analyst estimates of $98.19 million. Grid Dynamics had a net margin of 2.94% and a return on equity of 1.37%. The company's revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 EPS. Sell-side analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Transactions at Grid Dynamics

In related news, COO Yury Gryzlov sold 2,000 shares of the 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 sale, the chief operating officer owned 474,269 shares in the company, valued at approximately $6,269,836.18. This trade represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 6,737 shares of company stock worth $84,251 in the last three months. Insiders own 7.20% of the company's stock.

Institutional Trading of Grid Dynamics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GDYN. Loomis Sayles & Co. L P acquired a new position in Grid Dynamics during the fourth quarter worth $55,114,000. Nuveen LLC purchased a new position in shares of Grid Dynamics during the first quarter worth about $19,977,000. Vanguard Group Inc. grew its holdings in shares of Grid Dynamics by 26.8% during the fourth quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company's stock worth $123,110,000 after buying an additional 1,171,481 shares during the last quarter. Focus Partners Wealth acquired a new position in Grid Dynamics during the fourth quarter worth $23,053,000. Finally, William Blair Investment Management LLC acquired a new position in Grid Dynamics during the fourth quarter worth $22,192,000. Institutional investors and hedge funds own 71.18% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.