Grid Dynamics (NASDAQ:GDYN) Shares Down 4.8% - Here's Why

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report) dropped 4.8% during mid-day trading on Thursday . The stock traded as low as $11.45 and last traded at $11.47. Approximately 78,211 shares traded hands during trading, a decline of 88% from the average daily volume of 674,243 shares. The stock had previously closed at $12.05.

Wall Street Analyst Weigh In

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

Grid Dynamics Stock Down 4.7%

The firm has a fifty day simple moving average of $12.63 and a 200-day simple moving average of $16.53. The company has a market cap of $970.63 million, a PE ratio of 95.67 and a beta of 1.04.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. Grid Dynamics had a return on equity of 1.37% and a net margin of 2.94%. The firm had revenue of $100.42 million during the quarter, compared to the consensus estimate of $98.19 million. During the same period in the previous year, the firm posted $0.10 EPS. The company's quarterly revenue was up 25.8% compared to the same quarter last year. Equities research analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Yury Gryzlov sold 2,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $13.22, for a total transaction of $26,440.00. Following the sale, the chief operating officer owned 474,269 shares in the company, valued at $6,269,836.18. This represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have sold 6,737 shares of company stock valued at $84,251. Corporate insiders own 7.20% of the company's stock.

Institutional Trading of Grid Dynamics

Several hedge funds and other institutional investors have recently modified their holdings of GDYN. Bank of New York Mellon Corp lifted its holdings in Grid Dynamics by 95.5% during the 4th quarter. Bank of New York Mellon Corp now owns 382,213 shares of the company's stock worth $8,500,000 after buying an additional 186,661 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Grid Dynamics by 8.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 505,596 shares of the company's stock worth $11,244,000 after purchasing an additional 41,390 shares in the last quarter. Atria Investments Inc acquired a new position in shares of Grid Dynamics during the 4th quarter worth about $208,000. Proficio Capital Partners LLC acquired a new position in shares of Grid Dynamics during the 4th quarter worth about $796,000. Finally, Arizona State Retirement System boosted its stake in shares of Grid Dynamics by 7.6% during the 4th quarter. Arizona State Retirement System now owns 17,785 shares of the company's stock worth $396,000 after buying an additional 1,260 shares during the last quarter. Institutional investors and hedge funds own 71.18% of the company's stock.

Grid Dynamics Company Profile

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.