Grid Dynamics (NASDAQ:GDYN) Price Target Cut to $8.00 by Analysts at TD Cowen

Key Points

• TD Cowen cut its price target on Grid Dynamics from $10 to $8 but kept a buy rating, implying about 37.8% upside from the stock’s current price.
• Recent analyst sentiment has been mixed: while some firms still rate the stock a buy, others have lowered ratings, leaving Grid Dynamics with an overall Hold consensus and a $9 average target.
• The company’s latest results were modestly better than expected, with Q1 EPS of $0.09 topping estimates and revenue of $104.1 million slightly ahead of forecasts, though shares were trading near $5.80.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) had its target price reduced by stock analysts at TD Cowen from $10.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's target price would suggest a potential upside of 37.81% from the stock's current price.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC cut their target price on shares of Grid Dynamics from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Weiss Ratings cut shares of Grid Dynamics from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 4th. Zacks Research upgraded shares of Grid Dynamics from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 6th. Jefferies Financial Group cut Grid Dynamics from a "buy" rating to a "hold" rating and set a $8.00 price objective for the company. in a report on Friday, May 29th. Finally, Citigroup reaffirmed a "cautious" rating on shares of Grid Dynamics in a research report on Friday, May 29th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Grid Dynamics presently has an average rating of "Hold" and a consensus target price of $9.00.

Grid Dynamics Price Performance

NASDAQ GDYN traded down $0.06 during trading on Thursday, reaching $5.80. 386,154 shares of the company's stock were exchanged, compared to its average volume of 1,890,210. The business has a 50 day moving average price of $6.37 and a 200-day moving average price of $6.93. The stock has a market capitalization of $485.47 million, a P/E ratio of 116.12 and a beta of 0.98. Grid Dynamics has a fifty-two week low of $5.11 and a fifty-two week high of $12.01.

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

Insider Buying and Selling at Grid Dynamics

In related news, COO Yury Gryzlov sold 4,435 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $8.00, for a total value of $35,480.00. Following the completion of the sale, the chief operating officer directly owned 514,948 shares in the company, valued at approximately $4,119,584. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,147 shares of company stock valued at $46,323 in the last three months. 6.50% of the stock is currently owned by insiders.

Institutional Trading of Grid Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi bought a new position in shares of Grid Dynamics during the first quarter worth about $252,000. AQR Capital Management LLC grew its holdings in Grid Dynamics by 32.4% during the 1st quarter. AQR Capital Management LLC now owns 15,484 shares of the company's stock worth $242,000 after acquiring an additional 3,791 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Grid Dynamics by 12.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,590 shares of the company's stock worth $573,000 after acquiring an additional 4,116 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Grid Dynamics by 12.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 319,186 shares of the company's stock worth $4,995,000 after acquiring an additional 35,204 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Grid Dynamics by 35.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 162,714 shares of the company's stock worth $2,546,000 after acquiring an additional 42,801 shares in the last quarter. Institutional investors own 71.18% 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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