Grid Dynamics (NASDAQ:GDYN) Stock Price Down 3.5% – Time to Sell?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price traded down 3.5% during trading on Friday . The company traded as low as $18.30 and last traded at $18.34. 136,729 shares were traded during mid-day trading, a decline of 64% from the average session volume of 377,447 shares. The stock had previously closed at $19.01.

Wall Street Analysts Forecast Growth

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

Grid Dynamics Stock Down 3.7 %

The firm’s 50-day moving average is $15.91 and its 200-day moving average is $13.18. The company has a market cap of $1.51 billion, a PE ratio of 633.88 and a beta of 1.04.

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

Insider Activity at Grid Dynamics

In related news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the sale, the insider now owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. The trade was a 6.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the sale, the chief financial officer now directly owns 380,282 shares in the company, valued at $6,715,780.12. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 950,387 shares of company stock worth $12,239,324 over the last 90 days. 7.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Grid Dynamics

Several hedge funds have recently bought and sold shares of the business. Barclays PLC boosted its stake in Grid Dynamics by 173.8% during the third quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after acquiring an additional 70,579 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Grid Dynamics by 35.9% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 107,738 shares of the company’s stock worth $1,508,000 after buying an additional 28,438 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Grid Dynamics by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after buying an additional 17,763 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Grid Dynamics by 30.9% in the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after buying an additional 675,419 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Grid Dynamics by 0.5% in the third quarter. State Street Corp now owns 1,446,130 shares of the company’s stock worth $20,246,000 after buying an additional 6,938 shares in the last quarter. 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.