Grid Dynamics (NASDAQ:GDYN) Hits New 12-Month Low - What's Next?

Key Points

• Grid Dynamics Holdings, Inc. reached a new 52-week low of $7.53 during trading, closing slightly higher at $7.73 with a trading volume of 260,760 shares.
• Analysts have downgraded the stock, with Wall Street Zen lowering its rating from "buy" to "hold" and Needham & Company reducing the target price from $20.00 to $15.00, while most maintain an average rating of "Buy" with a consensus target price of $17.50.
• The company reported $0.10 earnings per share for the last quarter, meeting expectations, and experienced a 21.7% increase in revenue compared to the same quarter last year, totaling $101.10 million.

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $7.53 and last traded at $7.73, with a volume of 260760 shares trading hands. The stock had previously closed at $7.65.

Analysts Set New Price Targets

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

Grid Dynamics Stock Down 3.6%

The firm has a market cap of $651.96 million, a P/E ratio of 40.53 and a beta of 1.06. The firm's fifty day moving average is $10.56 and its two-hundred day moving average is $14.37.

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

Institutional Trading of Grid Dynamics

Hedge funds have recently modified their holdings of the business. New York State Teachers Retirement System boosted its holdings in shares of Grid Dynamics by 35.1% during the 1st quarter. New York State Teachers Retirement System now owns 17,903 shares of the company's stock valued at $280,000 after buying an additional 4,656 shares in the last quarter. Illinois Municipal Retirement Fund bought a new position in Grid Dynamics in the 1st quarter worth about $546,000. SG Americas Securities LLC boosted its stake in Grid Dynamics by 426.8% in the 1st quarter. SG Americas Securities LLC now owns 57,363 shares of the company's stock worth $898,000 after purchasing an additional 46,475 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Grid Dynamics by 3.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 91,624 shares of the company's stock worth $1,434,000 after purchasing an additional 3,209 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Grid Dynamics by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 324,145 shares of the company's stock worth $5,073,000 after purchasing an additional 7,544 shares in the last quarter. Institutional investors 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.