Grid Dynamics (NASDAQ:GDYN) Shares Gap Up – Still a Buy?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $9.40, but opened at $9.70. Grid Dynamics shares last traded at $9.9420, with a volume of 204,869 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently issued reports on GDYN shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Grid Dynamics in a research report on Wednesday, October 8th. Jefferies Financial Group began coverage on Grid Dynamics in a research note on Monday, September 22nd. They issued a “buy” rating and a $11.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on Grid Dynamics from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Needham & Company LLC lowered their price target on Grid Dynamics from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, October 31st. Finally, Zacks Research raised Grid Dynamics from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $11.33.

Grid Dynamics Stock Performance

The company has a 50-day simple moving average of $8.38 and a 200-day simple moving average of $9.36. The stock has a market cap of $841.34 million, a P/E ratio of 66.33 and a beta of 0.85.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, October 30th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. The company had revenue of $104.16 million during the quarter, compared to analyst estimates of $103.64 million. Grid Dynamics had a return on equity of 1.74% and a net margin of 3.42%.The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. As a group, sell-side analysts expect that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of Grid Dynamics

A number of hedge funds and other institutional investors have recently modified their holdings of GDYN. Jacobs Levy Equity Management Inc. acquired a new position in Grid Dynamics during the 3rd quarter worth $8,854,000. PharVision Advisers LLC bought a new stake in shares of Grid Dynamics during the third quarter worth $244,000. American Trust acquired a new position in shares of Grid Dynamics during the third quarter valued at $85,000. Alyeska Investment Group L.P. lifted its stake in shares of Grid Dynamics by 236.9% during the third quarter. Alyeska Investment Group L.P. now owns 4,290,786 shares of the company’s stock valued at $33,082,000 after acquiring an additional 3,017,017 shares during the period. Finally, Voleon Capital Management LP bought a new position in Grid Dynamics in the third quarter valued at about $368,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

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.