Grid Dynamics (NASDAQ:GDYN) Price Target Cut to $14.00 by Analysts at Citigroup

Grid Dynamics (NASDAQ:GDYN) had its target price cut by research analysts at Citigroup from $15.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 27.50% from the stock’s current price.

Other research analysts have also issued reports about the stock. Wedbush restated an “outperform” rating and set a $13.00 price target on shares of Grid Dynamics in a research report on Thursday, May 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $16.00 target price on shares of Grid Dynamics in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $15.00.

Grid Dynamics Trading Up 2.6 %

Shares of NASDAQ:GDYN traded up $0.28 during mid-day trading on Friday, reaching $10.98. The company had a trading volume of 379,795 shares, compared to its average volume of 324,502. The firm has a market cap of $840.19 million, a price-to-earnings ratio of 367.12 and a beta of 1.05. The company’s 50-day moving average price is $10.10 and its 200-day moving average price is $11.67. Grid Dynamics has a one year low of $9.07 and a one year high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last issued its earnings results on Thursday, May 2nd. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). Grid Dynamics had a net margin of 0.72% and a return on equity of 3.31%. The business had revenue of $79.82 million for the quarter, compared to the consensus estimate of $77.48 million. On average, research analysts anticipate that Grid Dynamics will post 0.02 EPS for the current fiscal year.

Insider Activity

In other news, CEO Leonard Livschitz sold 10,000 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total transaction of $105,400.00. Following the completion of the transaction, the chief executive officer now directly owns 3,660,691 shares of the company’s stock, valued at $38,583,683.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Leonard Livschitz sold 10,000 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total value of $105,400.00. Following the completion of the transaction, the chief executive officer now directly owns 3,660,691 shares of the company’s stock, valued at $38,583,683.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Anil Doradla sold 3,000 shares of the stock in a transaction dated 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 directly owns 385,979 shares of the company’s stock, valued at $3,859,790. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,000 shares of company stock valued at $734,850. Insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP grew its holdings in Grid Dynamics by 4.9% in the first quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock worth $93,585,000 after purchasing an additional 357,785 shares during the period. Vanguard Group Inc. grew its holdings in Grid Dynamics by 1.6% in the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock worth $51,643,000 after purchasing an additional 64,300 shares during the period. Jennison Associates LLC grew its holdings in Grid Dynamics by 1.2% in the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock worth $28,748,000 after purchasing an additional 26,974 shares during the period. Wellington Management Group LLP grew its holdings in Grid Dynamics by 26.7% in the fourth quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock worth $25,046,000 after purchasing an additional 396,320 shares during the period. Finally, Summit Creek Advisors LLC grew its holdings in shares of Grid Dynamics by 0.7% during the first quarter. Summit Creek Advisors LLC now owns 917,304 shares of the company’s stock valued at $11,274,000 after buying an additional 6,047 shares during the last quarter. Hedge funds and other institutional investors 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.