JPMorgan Chase & Co. Lowers Grid Dynamics (NASDAQ:GDYN) Price Target to $15.00

Grid Dynamics (NASDAQ:GDYN) had its price target lowered by JPMorgan Chase & Co. from $17.00 to $15.00 in a research note released on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

GDYN has been the topic of several other research reports. Citigroup cut their price target on shares of Grid Dynamics from $17.00 to $15.00 and set a buy rating on the stock in a report on Monday, April 22nd. Cantor Fitzgerald raised their target price on shares of Grid Dynamics from $14.00 to $17.00 and gave the stock an overweight rating in a report on Wednesday, March 13th. Four research analysts have rated the stock with a buy rating, According to MarketBeat, Grid Dynamics presently has a consensus rating of Buy and an average price target of $15.75.

Grid Dynamics Stock Up 2.3 %

Shares of GDYN traded up $0.23 during mid-day trading on Thursday, hitting $10.07. 556,407 shares of the company traded hands, compared to its average volume of 314,441. The business has a 50 day moving average of $11.82 and a 200 day moving average of $12.35. The company has a market capitalization of $765.02 million, a PE ratio of -335.55 and a beta of 1.00. Grid Dynamics has a 1-year low of $8.00 and a 1-year high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The company had revenue of $78.07 million for the quarter, compared to analysts’ expectations of $76.64 million. Grid Dynamics had a negative net margin of 0.56% and a positive return on equity of 6.77%. Grid Dynamics’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the firm earned $0.14 earnings per share. As a group, research analysts expect that Grid Dynamics will post 0.07 EPS for the current fiscal year.

Insider Activity

In related news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $13.88, for a total transaction of $208,200.00. Following the sale, the chief executive officer now directly owns 3,760,474 shares of the company’s stock, valued at $52,195,379.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $13.88, for a total value of $208,200.00. Following the completion of the transaction, the chief executive officer now owns 3,760,474 shares of the company’s stock, valued at approximately $52,195,379.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $10.00, for a total value of $30,000.00. Following the completion of the sale, the chief financial officer now directly owns 385,979 shares in the company, valued at $3,859,790. The disclosure for this sale can be found here. Insiders sold a total of 88,884 shares of company stock valued at $1,099,255 in the last three months. 7.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grid Dynamics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in shares of Grid Dynamics by 113.9% in the third quarter. Wellington Management Group LLP now owns 1,482,626 shares of the company’s stock valued at $18,058,000 after acquiring an additional 789,373 shares in the last quarter. Wasatch Advisors LP lifted its holdings in 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 purchasing an additional 357,785 shares in the last quarter. Fourth Sail Capital LP acquired a new stake in Grid Dynamics during the 4th quarter worth $4,614,000. G2 Investment Partners Management LLC purchased a new stake in shares of Grid Dynamics during the fourth quarter worth $2,234,000. Finally, Mutual of America Capital Management LLC raised its position in shares of Grid Dynamics by 41.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 209,208 shares of the company’s stock valued at $2,789,000 after buying an additional 60,906 shares during the last quarter. 71.18% of the stock is 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.