Grid Dynamics (NASDAQ:GDYN) Shares Gap Down Following Insider Selling

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $19.12, but opened at $18.24. Grid Dynamics shares last traded at $18.08, with a volume of 905,221 shares.

Specifically, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $17.66, for a total transaction of $70,640.00. Following the sale, the chief financial officer now directly owns 376,282 shares of the company’s stock, valued at approximately $6,645,140.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several analysts have weighed in on GDYN shares. TD Cowen lifted their price objective on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Citigroup boosted their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Needham & Company LLC boosted their price objective on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Grid Dynamics presently has an average rating of “Buy” and a consensus price target of $17.50.

Grid Dynamics Trading Down 4.9 %

The firm has a market capitalization of $1.40 billion, a PE ratio of 637.55 and a beta of 1.04. The business’s 50 day simple moving average is $14.99 and its two-hundred day simple moving average is $12.59.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, October 31st. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.08 EPS.

Institutional Investors Weigh In On Grid Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC increased its stake in shares of Grid Dynamics by 42.3% in the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after purchasing an additional 142,446 shares in the last quarter. Silvercrest Asset Management Group LLC increased its stake in shares of Grid Dynamics by 43.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after purchasing an additional 182,052 shares in the last quarter. Comerica Bank increased its stake in shares of Grid Dynamics by 198.8% in the 1st quarter. Comerica Bank now owns 77,820 shares of the company’s stock worth $956,000 after purchasing an additional 51,778 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Grid Dynamics by 1.6% in the 1st 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 in the last quarter. Finally, Fourth Sail Capital LP increased its stake in shares of Grid Dynamics by 138.0% in the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares in the last quarter. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

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.