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

Grid Dynamics (NASDAQ:GDYN) had its price objective decreased by Citigroup from $17.00 to $15.00 in a report released on Monday, Benzinga reports. Citigroup currently has a buy rating on the stock.

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

Grid Dynamics Stock Down 1.7 %

Shares of NASDAQ:GDYN opened at $10.24 on Monday. The firm has a market cap of $777.93 million, a price-to-earnings ratio of -341.22 and a beta of 0.94. The company’s fifty day simple moving average is $12.30 and its 200 day simple moving average is $12.46. Grid Dynamics has a 12 month low of $8.00 and a 12 month high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, February 22nd. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.01). The company had revenue of $78.07 million for the quarter, compared to the consensus estimate of $76.64 million. Grid Dynamics had a positive return on equity of 6.77% and a negative net margin of 0.56%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 EPS. Research analysts expect that Grid Dynamics will post 0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Anil Doradla sold 4,000 shares of the company’s 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 transaction, the chief financial officer now directly owns 395,568 shares in the company, valued at approximately $5,245,231.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Leonard Livschitz sold 10,000 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total value of $105,400.00. Following the sale, the chief executive officer now directly owns 3,660,691 shares of the company’s stock, valued at approximately $38,583,683.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Anil Doradla sold 4,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.26, for a total transaction of $53,040.00. Following the transaction, the chief financial officer now directly owns 395,568 shares in the company, valued at $5,245,231.68. The disclosure for this sale can be found here. Insiders sold a total of 100,884 shares of company stock worth $1,265,155 in the last three months. 7.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in shares of Grid Dynamics by 113.9% in the third quarter. Wellington Management Group LLP now owns 1,482,626 shares of the company’s stock valued at $18,058,000 after buying an additional 789,373 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of Grid Dynamics by 4.9% in the first quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock valued at $93,585,000 after purchasing an additional 357,785 shares during the last quarter. Fourth Sail Capital LP purchased a new stake in shares of Grid Dynamics in the fourth quarter valued at about $4,614,000. G2 Investment Partners Management LLC purchased a new stake in shares of Grid Dynamics in the fourth quarter valued at about $2,234,000. Finally, Mutual of America Capital Management LLC raised its holdings in shares of 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 valued at $2,789,000 after purchasing an additional 60,906 shares during the last quarter. 71.18% of the stock is owned by institutional investors.

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.