Grid Dynamics (NASDAQ:GDYN) Stock Price Up 10.1% – Here’s Why

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price rose 10.1% on Wednesday . The stock traded as high as $9.65 and last traded at $9.62. Approximately 612,377 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 939,451 shares. The stock had previously closed at $8.74.

Wall Street Analyst Weigh In

GDYN has been the subject of a number of recent research reports. Needham & Company LLC reduced their price target on shares of Grid Dynamics from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, October 31st. JPMorgan Chase & Co. reduced their target price on shares of Grid Dynamics from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Zacks Research raised shares of Grid Dynamics from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Jefferies Financial Group started coverage on Grid Dynamics in a research report on Monday, September 22nd. They set a “buy” rating and a $11.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Grid Dynamics in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $11.33.

Grid Dynamics Stock Up 8.6%

The company has a market capitalization of $804.89 million, a price-to-earnings ratio of 63.30 and a beta of 0.85. The stock’s 50-day simple moving average is $8.26 and its two-hundred day simple moving average is $9.47.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, October 30th. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. The business had revenue of $104.16 million during the quarter, compared to analysts’ expectations of $103.64 million. Grid Dynamics had a return on equity of 1.74% and a net margin of 3.42%.The business’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.14 earnings per share. On average, sell-side analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current year.

Institutional Investors Weigh In On Grid Dynamics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GDYN. Cetera Investment Advisers boosted its position in shares of Grid Dynamics by 29.3% during the 1st quarter. Cetera Investment Advisers now owns 11,639 shares of the company’s stock worth $182,000 after purchasing an additional 2,640 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Grid Dynamics by 22.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,083 shares of the company’s stock valued at $424,000 after acquiring an additional 5,030 shares during the period. PNC Financial Services Group Inc. grew its position in Grid Dynamics by 199.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,293 shares of the company’s stock valued at $36,000 after acquiring an additional 1,526 shares in the last quarter. Blair William & Co. IL grew its position in Grid Dynamics by 0.8% in the 1st quarter. Blair William & Co. IL now owns 786,105 shares of the company’s stock valued at $12,303,000 after acquiring an additional 5,903 shares in the last quarter. Finally, Fourth Sail Capital LP increased its stake in Grid Dynamics by 52.3% during the first quarter. Fourth Sail Capital LP now owns 1,024,269 shares of the company’s stock worth $16,030,000 after purchasing an additional 351,608 shares during the period. 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.