Grid Dynamics (NASDAQ:GDYN) Rating Lowered to “Hold” at Zacks Research

Grid Dynamics (NASDAQ:GDYN) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday, Zacks reports.

GDYN has been the topic of a number of other research reports. Needham & Company LLC increased their price objective on shares of Grid Dynamics from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of Grid Dynamics from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Weiss Ratings restated a “sell (d)” rating on shares of Grid Dynamics in a research report on Friday, July 31st. Finally, TD Cowen raised their price target on shares of Grid Dynamics from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.40.

Grid Dynamics Stock Down 2.7%

Shares of NASDAQ:GDYN traded down $0.22 during trading on Thursday, hitting $7.79. 676,468 shares of the company traded hands, compared to its average volume of 804,880. The stock has a market capitalization of $632.00 million, a price-to-earnings ratio of 389.69 and a beta of 0.97. The business’s fifty day moving average is $7.87 and its 200-day moving average is $6.79. Grid Dynamics has a one year low of $5.11 and a one year high of $10.21.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Grid Dynamics had a return on equity of 1.90% and a net margin of 0.68%. The company had revenue of $108.16 million for the quarter, compared to analysts’ expectations of $106.55 million. On average, analysts forecast that Grid Dynamics will post 0.20 EPS for the current year.

Insider Activity at Grid Dynamics

In related news, COO Yury Gryzlov sold 4,849 shares of Grid Dynamics stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $8.00, for a total transaction of $38,792.00. Following the sale, the chief operating officer directly owned 495,290 shares in the company, valued at $3,962,320. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,409 shares of company stock worth $115,625 over the last quarter. 6.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grid Dynamics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its position in Grid Dynamics by 60.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,315 shares of the company’s stock valued at $47,000 after buying an additional 3,122 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Grid Dynamics during the 2nd quarter worth about $75,000. Aaron Wealth Advisors LLC bought a new stake in shares of Grid Dynamics during the 1st quarter worth about $98,000. FNY Investment Advisers LLC bought a new stake in shares of Grid Dynamics during the 2nd quarter worth about $99,000. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of Grid Dynamics in the 1st quarter worth approximately $167,000. Institutional investors own 71.18% of the company’s stock.

About Grid Dynamics

Grid Dynamics Holdings, Inc (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises modernize their businesses through software development, cloud computing, data and analytics, and artificial intelligence. The company designs and builds technology platforms intended to improve operational efficiency, customer experiences, and the use of enterprise data.

Its services include digital commerce and customer experience solutions, cloud and data engineering, machine learning and artificial intelligence, application modernization, and software product development.