Grid Dynamics (NASDAQ:GDYN) Reaches New 1-Year High Following Strong Earnings

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shares reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $11.60 and last traded at $11.7680, with a volume of 781,553 shares trading hands. The stock had previously closed at $9.49.

The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. The company had revenue of $114.29 million for the quarter, compared to analyst estimates of $112.77 million. Grid Dynamics had a net margin of 0.68% and a return on equity of 1.90%.

Analysts Set New Price Targets

Several research analysts recently weighed in on GDYN shares. TD Cowen lifted their price target on Grid Dynamics from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their price target on shares of Grid Dynamics from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Weiss Ratings restated a “sell (d)” rating on shares of Grid Dynamics in a research report on Thursday. Zacks Research cut shares of Grid Dynamics from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 15th. Finally, Needham & Company LLC increased their target price on shares of Grid Dynamics from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $10.40.

Insider Transactions at Grid Dynamics

In related news, COO Yury Gryzlov sold 4,849 shares of the business’s stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $8.00, for a total value of $38,792.00. Following the completion of the sale, the chief operating officer owned 495,290 shares of the company’s stock, valued at approximately $3,962,320. The trade was a 0.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 14,409 shares of company stock valued at $115,625. 6.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in Grid Dynamics in the 3rd quarter valued at about $262,000. Vise Technologies Inc. purchased a new stake in Grid Dynamics during the 3rd quarter worth approximately $103,000. Sequoia Financial Advisors LLC purchased a new stake in Grid Dynamics during the 2nd quarter worth approximately $75,000. Squarepoint Ops LLC purchased a new stake in Grid Dynamics during the 2nd quarter worth approximately $2,702,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Grid Dynamics during the second quarter valued at approximately $234,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

Grid Dynamics Price Performance

The firm has a market cap of $974.53 million, a price-to-earnings ratio of 600.90 and a beta of 0.97. The business has a fifty day simple moving average of $8.01 and a 200 day simple moving average of $6.98.

About Grid Dynamics

Grid Dynamics Holdings, Inc (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises modernize their technology infrastructure and develop data-driven products. Its services include software engineering, cloud computing, data engineering, artificial intelligence and machine learning, user experience design, and application modernization.

The company develops and implements technology solutions for industries including retail and consumer packaged goods, financial services, manufacturing, healthcare, and technology.