Citigroup Cuts Grid Dynamics (NASDAQ:GDYN) Price Target to $15.00

Grid Dynamics (NASDAQ:GDYN - Free Report) had its target price reduced by Citigroup from $17.00 to $15.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on GDYN. Cantor Fitzgerald lifted their target price on Grid Dynamics from $14.00 to $17.00 and gave the stock an overweight rating in a research report on Wednesday, March 13th. JPMorgan Chase & Co. lifted their price target on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock an overweight rating in a research note on Friday, February 23rd. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of Buy and an average price target of $15.75.

Grid Dynamics Price Performance

NASDAQ GDYN traded up $0.02 during trading hours on Monday, hitting $10.38. The company had a trading volume of 209,153 shares, compared to its average volume of 304,107. The firm's 50 day moving average is $12.41 and its 200 day moving average is $12.49. The company has a market capitalization of $788.57 million, a price-to-earnings ratio of -345.88 and a beta of 0.94. Grid Dynamics has a fifty-two week low of $8.00 and a fifty-two week high of $14.70.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.01). The company had revenue of $78.07 million during the quarter, compared to analysts' expectations of $76.64 million. Grid Dynamics had a positive return on equity of 6.77% and a negative net margin of 0.56%. The firm's revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 EPS. On average, equities analysts anticipate that Grid Dynamics will post 0.07 EPS for the current year.

Insider Activity at Grid Dynamics

In related news, CEO Leonard Livschitz sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $13.08, for a total transaction of $196,200.00. Following the completion of the transaction, the chief executive officer now owns 3,513,456 shares in the company, valued at approximately $45,956,004.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Anil Doradla sold 4,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.26, for a total value of $53,040.00. Following the completion of the transaction, the chief financial officer now owns 395,568 shares in the company, valued at approximately $5,245,231.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Leonard Livschitz sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $13.08, for a total transaction of $196,200.00. Following the completion of the sale, the chief executive officer now directly owns 3,513,456 shares of the company's stock, valued at $45,956,004.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 90,884 shares of company stock valued at $1,159,755. Corporate insiders own 7.40% of the company's stock.

Institutional Trading of Grid Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in Grid Dynamics by 113.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,482,626 shares of the company's stock valued at $18,058,000 after acquiring an additional 789,373 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Grid Dynamics by 5.8% during the third quarter. Public Employees Retirement System of Ohio now owns 271,591 shares of the company's stock worth $3,308,000 after buying an additional 14,940 shares in the last quarter. Mutual of America Capital Management LLC grew its position in Grid Dynamics by 41.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 209,208 shares of the company's stock worth $2,789,000 after buying an additional 60,906 shares during the last quarter. Barclays PLC lifted its position in shares of Grid Dynamics by 8.5% during the 3rd quarter. Barclays PLC now owns 26,063 shares of the company's stock valued at $318,000 after acquiring an additional 2,036 shares during the last quarter. Finally, S Squared Technology LLC lifted its position in shares of Grid Dynamics by 13.5% during the 3rd quarter. S Squared Technology LLC now owns 229,781 shares of the company's stock valued at $2,799,000 after acquiring an additional 27,257 shares during 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.