Grid Dynamics (NASDAQ:GDYN) Receives "Buy" Rating from Needham & Company LLC

Grid Dynamics (NASDAQ:GDYN - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $16.00 price objective on the stock. Needham & Company LLC's price objective points to a potential upside of 58.89% from the company's current price.

Several other equities research analysts also recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Grid Dynamics from $17.00 to $15.00 and set an "overweight" rating on the stock in a report on Thursday. Citigroup reduced their target price on shares of Grid Dynamics from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Monday, April 22nd. Finally, Cantor Fitzgerald lifted their target price on shares of Grid Dynamics from $14.00 to $17.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 13th. Four analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $15.75.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock traded up $0.23 during trading hours on Friday, hitting $10.07. 556,407 shares of the company's stock traded hands, compared to its average volume of 314,441. The stock has a market capitalization of $765.02 million, a price-to-earnings ratio of -335.55 and a beta of 1.00. Grid Dynamics has a 12-month low of $8.00 and a 12-month high of $14.70. The company has a fifty day simple moving average of $11.82 and a 200-day simple moving average of $12.35.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last released its 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). Grid Dynamics had a negative net margin of 0.56% and a positive return on equity of 6.77%. The company had revenue of $78.07 million for the quarter, compared to the consensus estimate of $76.64 million. During the same period in the prior year, the company earned $0.14 earnings per share. The firm's revenue was down 3.1% on a year-over-year basis. On average, analysts forecast that Grid Dynamics will post 0.07 EPS for the current fiscal year.

Insider Activity

In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.26, for a total transaction of $53,040.00. Following the completion of the sale, the chief financial officer now directly owns 395,568 shares in the company, valued at $5,245,231.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.26, for a total transaction of $53,040.00. Following the completion of the sale, the chief financial officer now directly owns 395,568 shares in the company, valued at $5,245,231.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Leonard Livschitz sold 10,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total transaction of $105,400.00. Following the sale, the chief executive officer now owns 3,660,691 shares of the company's stock, valued at $38,583,683.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,884 shares of company stock worth $1,099,255. 7.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Grid Dynamics

Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in shares of Grid Dynamics in the 4th quarter worth approximately $26,000. SG Americas Securities LLC bought a new stake in shares of Grid Dynamics in the 3rd quarter worth approximately $142,000. American Trust lifted its holdings in shares of Grid Dynamics by 10.1% in the 3rd quarter. American Trust now owns 12,963 shares of the company's stock worth $158,000 after acquiring an additional 1,186 shares during the last quarter. Johnson Investment Counsel Inc. bought a new stake in shares of Grid Dynamics in the 3rd quarter worth approximately $166,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Grid Dynamics by 147.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,246 shares of the company's stock worth $203,000 after acquiring an additional 9,081 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors.

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.

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