Grid Dynamics (NASDAQ:GDYN) Trading Down 7.1% – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) dropped 7.1% during mid-day trading on Wednesday . The stock traded as low as $6.26 and last traded at $6.1850. Approximately 307,325 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,590,527 shares. The stock had previously closed at $6.66.

Analysts Set New Price Targets

GDYN has been the topic of several research reports. Zacks Research raised Grid Dynamics from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Needham & Company LLC cut their target price on Grid Dynamics from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Weiss Ratings lowered Grid Dynamics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 4th. Northland Securities dropped their target price on Grid Dynamics from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Monday, March 9th. Finally, JPMorgan Chase & Co. dropped their target price on Grid Dynamics from $10.00 to $9.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 18th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.00.

Grid Dynamics Stock Down 5.3%

The company has a market capitalization of $527.29 million, a price-to-earnings ratio of 126.19 and a beta of 0.86. The business’s 50-day moving average is $6.06 and its 200-day moving average is $7.63.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, April 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $104.10 million during the quarter, compared to the consensus estimate of $103.32 million. Grid Dynamics had a net margin of 1.27% and a return on equity of 1.20%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share. As a group, analysts expect that Grid Dynamics Holdings, Inc. will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in Grid Dynamics by 60.1% during the first quarter. PNC Financial Services Group Inc. now owns 8,315 shares of the company’s stock valued at $47,000 after acquiring an additional 3,122 shares in the last quarter. Bastion Asset Management Inc. acquired a new stake in Grid Dynamics during the first quarter valued at $6,899,000. Illinois Municipal Retirement Fund grew its position in Grid Dynamics by 10.0% during the first quarter. Illinois Municipal Retirement Fund now owns 34,472 shares of the company’s stock valued at $196,000 after buying an additional 3,143 shares during the period. Principal Financial Group Inc. grew its position in Grid Dynamics by 2.4% during the first quarter. Principal Financial Group Inc. now owns 323,773 shares of the company’s stock valued at $1,846,000 after buying an additional 7,548 shares during the period. Finally, Fifth Third Bancorp grew its position in Grid Dynamics by 1,209.4% during the first quarter. Fifth Third Bancorp now owns 33,940 shares of the company’s stock valued at $193,000 after buying an additional 31,348 shares during the period. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Grid Dynamics Company Profile

Grid Dynamics (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.