Grid Dynamics (NASDAQ:GDYN) Stock Price Down 4.9%

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shares were down 4.9% during mid-day trading on Monday . The stock traded as low as $29.99 and last traded at $30.11. Approximately 18,734 shares changed hands during trading, a decline of 94% from the average daily volume of 333,012 shares. The stock had previously closed at $31.67.

Several analysts have recently issued reports on GDYN shares. Northland Securities upped their price objective on Grid Dynamics from $19.00 to $29.00 and gave the stock an “outperform” rating in a report on Monday, August 9th. Canaccord Genuity increased their price target on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a report on Friday, August 6th. They noted that the move was a valuation call. Zacks Investment Research lowered Grid Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, August 12th. Needham & Company LLC increased their price target on Grid Dynamics from $23.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 6th. Finally, JPMorgan Chase & Co. initiated coverage on Grid Dynamics in a report on Friday, July 30th. They set an “overweight” rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Grid Dynamics has a consensus rating of “Buy” and a consensus target price of $24.50.

The business has a 50 day simple moving average of $25.19 and a two-hundred day simple moving average of $19.38. The firm has a market cap of $1.86 billion, a PE ratio of -166.68 and a beta of 0.91.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, August 5th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.04. Grid Dynamics had a positive return on equity of 9.48% and a negative net margin of 6.55%. The company had revenue of $47.68 million for the quarter, compared to the consensus estimate of $41.88 million. As a group, analysts predict that Grid Dynamics Holdings, Inc. will post 0.16 earnings per share for the current year.

In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 4,800,000 shares of the stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $15.03, for a total value of $72,144,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stan Klimoff sold 4,000 shares of the stock in a transaction dated Tuesday, July 6th. The shares were sold at an average price of $19.62, for a total value of $78,480.00. Following the completion of the sale, the vice president now owns 199,692 shares of the company’s stock, valued at $3,917,957.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,037,514 shares of company stock worth $78,800,283. 15.60% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the stock. Marshall Wace North America L.P. acquired a new stake in shares of Grid Dynamics in the second quarter worth approximately $154,000. Morgan Stanley boosted its stake in shares of Grid Dynamics by 604,155.8% in the second quarter. Morgan Stanley now owns 725,107 shares of the company’s stock worth $10,897,000 after acquiring an additional 724,987 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Grid Dynamics in the second quarter worth approximately $204,000. Metropolitan Life Insurance Co NY boosted its stake in shares of Grid Dynamics by 101,837.5% in the second quarter. Metropolitan Life Insurance Co NY now owns 8,155 shares of the company’s stock worth $123,000 after acquiring an additional 8,147 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Grid Dynamics by 70.1% in the second quarter. Millennium Management LLC now owns 18,450 shares of the company’s stock worth $277,000 after acquiring an additional 7,606 shares during the last quarter. Institutional investors own 44.25% of the company’s stock.

About Grid Dynamics (NASDAQ:GDYN)

Grid Dynamics Holdings, Inc provides digital engineering and information technology services. Its core business is to deliver focused and complex technical consulting, software design, development, testing and internet service operations. The company also helps organizations become more agile and create innovative digital products and experiences through its deep expertise in emerging technology, such as AI, data science, cloud computing, big data and DevOps, lean software development practices and a performance product culture.

Further Reading: What’s a Black Swan?

Receive News & Ratings for Grid Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Grid Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.