Needham & Company LLC Forecasts Strong Price Appreciation for Grid Dynamics (NASDAQ:GDYN) Stock

Grid Dynamics (NASDAQ:GDYN - Free Report) had its target price boosted by Needham & Company LLC from $18.00 to $20.00 in a research note released on Friday morning, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

Grid Dynamics Trading Down 1.6 %

Shares of NASDAQ GDYN traded down $0.21 during mid-day trading on Friday, hitting $13.34. The company had a trading volume of 174,114 shares, compared to its average volume of 614,678. Grid Dynamics has a one year low of $9.07 and a one year high of $25.50. The firm has a 50-day simple moving average of $15.29 and a two-hundred day simple moving average of $18.24. The company has a market capitalization of $1.12 billion, a PE ratio of 333.48 and a beta of 1.13.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its earnings results 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 negative return on equity of 0.33% and a net margin of 1.15%. The business had revenue of $100.42 million during the quarter, compared to analyst estimates of $98.19 million. During the same period last year, the company earned $0.10 EPS. Grid Dynamics's revenue for the quarter was up 25.8% compared to the same quarter last year. Sell-side analysts expect that Grid Dynamics will post 0.18 earnings per share for the current fiscal year.

Insider Transactions at Grid Dynamics

In other Grid Dynamics news, CFO Anil Doradla sold 2,000 shares of the company's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $24.09, for a total transaction of $48,180.00. Following the sale, the chief financial officer now owns 341,012 shares of the company's stock, valued at approximately $8,214,979.08. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Yury Gryzlov sold 10,306 shares of Grid Dynamics stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $18.66, for a total value of $192,309.96. Following the completion of the transaction, the chief operating officer now directly owns 482,759 shares of the company's stock, valued at approximately $9,008,282.94. This trade represents a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,043 shares of company stock worth $349,078. Company insiders own 7.20% of the company's stock.

Institutional Trading of Grid Dynamics

Hedge funds have recently modified their holdings of the stock. MCF Advisors LLC raised its holdings in shares of Grid Dynamics by 65.8% during the fourth quarter. MCF Advisors LLC now owns 1,864 shares of the company's stock valued at $41,000 after purchasing an additional 740 shares during the period. Harbor Capital Advisors Inc. grew its stake in Grid Dynamics by 10.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 10,903 shares of the company's stock valued at $242,000 after acquiring an additional 1,036 shares during the period. State of Wyoming increased its holdings in shares of Grid Dynamics by 4.1% during the fourth quarter. State of Wyoming now owns 26,495 shares of the company's stock valued at $589,000 after acquiring an additional 1,046 shares in the last quarter. Coppell Advisory Solutions LLC acquired a new position in shares of Grid Dynamics during the fourth quarter worth approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Grid Dynamics by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,474 shares of the company's stock worth $722,000 after purchasing an additional 1,106 shares in the last quarter. Institutional investors 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.