Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Short Interest Update

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 2,040,000 shares, an increase of 5.2% from the September 15th total of 1,940,000 shares. Based on an average daily volume of 349,500 shares, the days-to-cover ratio is presently 5.8 days. Currently, 3.6% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GDYN shares. Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. Needham & Company LLC increased their price objective on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price objective on shares of Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Citigroup reduced their price objective on shares of Grid Dynamics from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, July 12th. Finally, TD Cowen raised shares of Grid Dynamics from a “hold” rating to a “buy” rating and increased their price objective for the stock from $12.00 to $16.00 in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $15.67.

Insider Activity

In other news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $12.97, for a total transaction of $38,910.00. Following the sale, the chief financial officer now owns 369,282 shares of the company’s stock, valued at $4,789,587.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $12.97, for a total transaction of $38,910.00. Following the completion of the sale, the chief financial officer now directly owns 369,282 shares of the company’s stock, valued at approximately $4,789,587.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 961,387 shares of company stock valued at $12,349,914 in the last 90 days. 7.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grid Dynamics

Several institutional investors have recently bought and sold shares of GDYN. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Grid Dynamics by 6.7% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 84,379 shares of the company’s stock worth $1,125,000 after acquiring an additional 5,328 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Grid Dynamics by 26.7% in the 4th quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock valued at $25,046,000 after buying an additional 396,320 shares in the last quarter. Wasatch Advisors LP boosted its holdings in shares of Grid Dynamics by 4.9% in the 1st quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock valued at $93,585,000 after buying an additional 357,785 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Grid Dynamics in the 1st quarter valued at about $454,000. Finally, Jennison Associates LLC boosted its holdings in shares of Grid Dynamics by 1.2% in the 1st quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock valued at $28,748,000 after buying an additional 26,974 shares in the last quarter. Institutional investors own 71.18% of the company’s stock.

Grid Dynamics Stock Performance

GDYN stock traded down $0.08 during trading on Thursday, hitting $15.42. 152,083 shares of the company’s stock traded hands, compared to its average volume of 329,737. Grid Dynamics has a 52 week low of $9.07 and a 52 week high of $15.63. The business has a fifty day simple moving average of $13.91 and a 200 day simple moving average of $11.86. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 514.00 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The business had revenue of $83.04 million during the quarter, compared to analyst estimates of $81.06 million. During the same quarter last year, the business earned $0.09 earnings per share. Grid Dynamics’s quarterly revenue was up 7.4% compared to the same quarter last year.

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.