Grid Dynamics (NASDAQ:GDYN) Downgraded to "Hold" Rating by Wall Street Zen

Wall Street Zen downgraded shares of Grid Dynamics (NASDAQ:GDYN - Free Report) from a buy rating to a hold rating in a research note published on Friday morning.

Separately, Needham & Company LLC lifted 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 equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $18.75.

Grid Dynamics Stock Performance

Shares of NASDAQ:GDYN traded down $0.05 during midday trading on Friday, reaching $12.65. 923,244 shares of the company's stock traded hands, compared to its average volume of 640,735. The company has a fifty day simple moving average of $13.93 and a two-hundred day simple moving average of $17.88. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $25.50. The company has a market cap of $1.07 billion, a P/E ratio of 316.25 and a beta of 1.13.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $98.19 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. The company's revenue was up 25.8% compared to the same quarter last year. During the same period last year, the firm posted $0.10 earnings per share. As a group, research analysts forecast that Grid Dynamics will post 0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Grid Dynamics news, COO Yury Gryzlov sold 10,306 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $18.66, for a total value of $192,309.96. Following the transaction, the chief operating officer now directly owns 482,759 shares of the company's stock, valued at $9,008,282.94. This trade represents a 2.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Anil Doradla sold 2,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $18.10, for a total value of $36,200.00. Following the completion of the sale, the chief financial officer now owns 366,818 shares of the company's stock, valued at $6,639,405.80. This trade represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,043 shares of company stock valued at $327,338 in the last 90 days. 7.20% of the stock is owned by insiders.

Institutional Trading of Grid Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. boosted its position in shares of Grid Dynamics by 824.9% during the 4th quarter. American Century Companies Inc. now owns 621,465 shares of the company's stock valued at $13,821,000 after acquiring an additional 554,275 shares during the last quarter. SG Americas Securities LLC purchased a new position in Grid Dynamics during the fourth quarter worth about $242,000. Envestnet Asset Management Inc. boosted its holdings in Grid Dynamics by 15.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 212,864 shares of the company's stock valued at $4,734,000 after purchasing an additional 28,505 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Grid Dynamics by 1,540.0% in the 4th quarter. Principal Financial Group Inc. now owns 316,601 shares of the company's stock valued at $7,041,000 after buying an additional 297,296 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Grid Dynamics by 14.2% in the 4th quarter. Northern Trust Corp now owns 851,727 shares of the company's stock valued at $18,942,000 after buying an additional 106,193 shares during the period. 71.18% of the stock is owned by institutional investors and hedge funds.

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.