Renaissance Technologies LLC lifted its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 0.9% during the first quarter, HoldingsChannel.com reports. The fund owned 109,700 shares of the company’s stock after acquiring an additional 1,000 shares during the period. Renaissance Technologies LLC’s holdings in Grid Dynamics were worth $1,748,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. The PNC Financial Services Group Inc. acquired a new stake in shares of Grid Dynamics in the first quarter worth approximately $39,000. ETF Managers Group LLC acquired a new stake in shares of Grid Dynamics in the fourth quarter worth approximately $66,000. Citigroup Inc. boosted its stake in shares of Grid Dynamics by 679.9% in the fourth quarter. Citigroup Inc. now owns 8,134 shares of the company’s stock worth $102,000 after acquiring an additional 7,091 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Grid Dynamics in the first quarter worth approximately $163,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Grid Dynamics in the fourth quarter worth approximately $166,000. 47.72% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:GDYN opened at $19.72 on Thursday. The business’s 50-day simple moving average is $17.44. The firm has a market cap of $1.07 billion, a PE ratio of -98.60 and a beta of 0.85. Grid Dynamics Holdings, Inc. has a 1 year low of $6.33 and a 1 year high of $21.13.
A number of analysts have recently issued reports on GDYN shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Grid Dynamics in a research note on Tuesday, May 4th. Needham & Company LLC boosted their price objective on Grid Dynamics from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, July 9th. Finally, Zacks Investment Research upgraded Grid Dynamics from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Tuesday. Six analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average target price of $18.60.
In related news, major shareholder Teamsun Technology Co. Beijing sold 4,800,000 shares of the company’s stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $15.03, for a total value of $72,144,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yueou Wang sold 39,050 shares of the company’s stock in a transaction dated Thursday, May 13th. The shares were sold at an average price of $15.97, for a total value of $623,628.50. Following the completion of the sale, the director now directly owns 55,584 shares of the company’s stock, valued at $887,676.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,131,630 shares of company stock valued at $77,360,689. Insiders own 15.60% of the company’s stock.
Grid Dynamics Profile
Grid Dynamics Holdings, Inc, together with its subsidiaries, provides enterprise-level digital transformation services for Fortune 1000 corporations in the United States, and Central and Eastern European countries. It works in collaboration with its clients on digital transformation initiatives that cover strategy consulting, early prototypes, and enterprise-scale delivery of new digital platforms.
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