Grid Dynamics (NASDAQ:GDYN) Given New $15.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has reduced the price target for Grid Dynamics (NASDAQ:GDYN) from $20.00 to $15.00, while still maintaining a "buy" rating for the stock, indicating a potential upside of 58.06% from the current price.
• Wall Street Zen downgraded Grid Dynamics from a "buy" to a "hold" rating, while the overall consensus rating remains "buy" with an average target price of $17.50.
• Grid Dynamics reported a quarterly earnings per share of $0.10, matching analyst expectations, with revenues increasing by 21.7% compared to the same quarter last year.

Grid Dynamics (NASDAQ:GDYN - Free Report) had its price target lowered by Needham & Company LLC from $20.00 to $15.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Wall Street Zen lowered shares of Grid Dynamics from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $17.50.

Grid Dynamics Trading Down 1.1%

NASDAQ GDYN traded down $0.09 during trading hours on Friday, hitting $8.00. The company's stock had a trading volume of 1,461,456 shares, compared to its average volume of 787,004. Grid Dynamics has a 52 week low of $7.53 and a 52 week high of $25.50. The company has a market capitalization of $675.98 million, a PE ratio of 42.08 and a beta of 1.06. The company's 50-day simple moving average is $11.37 and its two-hundred day simple moving average is $15.12.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.10 EPS for the quarter, hitting the consensus estimate 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 last year, the firm earned $0.08 EPS. The company's quarterly revenue was up 21.7% compared to the same quarter last year. Research analysts anticipate that Grid Dynamics will post 0.18 EPS for the current fiscal year.

Institutional Trading of Grid Dynamics

A number of hedge funds have recently made changes to their positions in GDYN. KLP Kapitalforvaltning AS bought a new stake in shares of Grid Dynamics during the 4th quarter worth $269,000. Vanguard Group Inc. lifted its holdings in shares of Grid Dynamics by 26.8% during the 4th quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company's stock worth $123,110,000 after acquiring an additional 1,171,481 shares during the last quarter. Pictet Asset Management Holding SA bought a new stake in shares of Grid Dynamics during the 4th quarter worth $208,000. Geode Capital Management LLC lifted its holdings in shares of Grid Dynamics by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 1,433,773 shares of the company's stock worth $31,895,000 after acquiring an additional 52,344 shares during the last quarter. Finally, Integrated Quantitative Investments LLC bought a new stake in Grid Dynamics in the fourth quarter worth $440,000. 71.18% of the stock is 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.