Grid Dynamics (NASDAQ:GDYN) Price Target Raised to $17.00

Grid Dynamics (NASDAQ:GDYN) had its target price increased by JPMorgan Chase & Co. from $15.00 to $17.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 24.27% from the company’s current price.

A number of other research firms have also recently issued reports on GDYN. Wedbush restated an “outperform” rating and set a $13.00 price objective on shares of Grid Dynamics in a research report on Thursday, May 23rd. Needham & Company LLC boosted their price objective on Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Citigroup lowered their price objective on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, July 12th. TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and boosted their price objective for the company from $12.00 to $16.00 in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $15.67.

Grid Dynamics Price Performance

GDYN traded down $0.38 on Friday, hitting $13.68. The company had a trading volume of 134,408 shares, compared to its average volume of 338,961. The company’s fifty day moving average price is $12.53 and its 200 day moving average price is $11.61. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $14.70. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 455.67 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The firm had revenue of $83.04 million during the quarter, compared to analyst estimates of $81.06 million. During the same period in the previous year, the company earned $0.09 EPS. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, sell-side analysts forecast that Grid Dynamics will post 0.02 EPS for the current year.

Insider Transactions at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $10.00, for a total transaction of $30,000.00. Following the sale, the chief financial officer now owns 375,282 shares in the company, valued at $3,752,820. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Leonard Livschitz sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $9.66, for a total transaction of $96,600.00. Following the transaction, the chief executive officer now owns 3,575,901 shares of the company’s stock, valued at $34,543,203.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $10.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now directly owns 375,282 shares in the company, valued at approximately $3,752,820. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,000 shares of company stock worth $612,200. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Large investors have recently made changes to their positions in the company. Mirador Capital Partners LP lifted its stake in Grid Dynamics by 0.8% in the second quarter. Mirador Capital Partners LP now owns 123,399 shares of the company’s stock valued at $1,297,000 after buying an additional 954 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Grid Dynamics by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after buying an additional 1,184 shares during the period. Linden Thomas Advisory Services LLC lifted its stake in Grid Dynamics by 1.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 106,498 shares of the company’s stock valued at $1,119,000 after buying an additional 1,735 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Grid Dynamics by 21.3% in the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after buying an additional 1,770 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Grid Dynamics by 8.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 25,546 shares of the company’s stock valued at $314,000 after buying an additional 1,985 shares during the period. Institutional investors and hedge funds own 71.18% of the company’s stock.

Grid Dynamics Company Profile

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.