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

Grid Dynamics (NASDAQ:GDYN)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports. They currently have a $16.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 58.89% from the stock’s current price.

A number of other research firms have also recently commented on GDYN. Citigroup cut 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. JPMorgan Chase & Co. dropped their price objective on shares of Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Cantor Fitzgerald upped their price objective on shares of Grid Dynamics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, March 13th. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $15.75.

Grid Dynamics Trading Up 2.3 %

Shares of Grid Dynamics stock traded up $0.23 during trading hours on Friday, reaching $10.07. The stock had a trading volume of 556,407 shares, compared to its average volume of 314,441. The firm has a market capitalization of $765.02 million, a PE ratio of -335.55 and a beta of 1.00. The stock’s 50 day moving average is $11.82 and its 200 day moving average is $12.35. Grid Dynamics has a twelve month low of $8.00 and a twelve month high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, February 22nd. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The company had revenue of $78.07 million for 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 for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. As a group, sell-side analysts predict that Grid Dynamics will post 0.07 earnings per share for the current year.

Insider Buying and Selling at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $13.88, for a total value of $208,200.00. Following the transaction, the chief executive officer now directly owns 3,760,474 shares in the company, valued at approximately $52,195,379.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $13.88, for a total value of $208,200.00. Following the transaction, the chief executive officer now directly owns 3,760,474 shares in the company, valued at approximately $52,195,379.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $10.00, for a total transaction of $30,000.00. Following the completion of the transaction, the chief financial officer now owns 385,979 shares in the company, valued at $3,859,790. The disclosure for this sale can be found here. Insiders have sold 88,884 shares of company stock worth $1,099,255 in the last ninety days. 7.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds have recently added to or reduced their stakes in GDYN. Wellington Management Group LLP lifted its holdings in Grid Dynamics by 113.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,482,626 shares of the company’s stock worth $18,058,000 after buying an additional 789,373 shares in the last quarter. Wasatch Advisors LP lifted its holdings in Grid Dynamics by 4.9% during the 1st quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock worth $93,585,000 after buying an additional 357,785 shares in the last quarter. Fourth Sail Capital LP purchased a new stake in shares of Grid Dynamics in the 4th quarter valued at approximately $4,614,000. G2 Investment Partners Management LLC purchased a new stake in shares of Grid Dynamics in the 4th quarter valued at approximately $2,234,000. Finally, Mutual of America Capital Management LLC increased its position in shares of Grid Dynamics by 41.1% in the 4th 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 currently owned by institutional investors and hedge funds.

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.