Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Short Interest Down 7.5% in January

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the target of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 3,350,000 shares, a decrease of 7.5% from the January 15th total of 3,620,000 shares. Based on an average trading volume of 996,500 shares, the days-to-cover ratio is currently 3.4 days. Approximately 4.4% of the company’s stock are sold short.

Analyst Ratings Changes

GDYN has been the topic of several research reports. TD Cowen raised their price objective on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC lifted their price target on Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, Citigroup boosted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $18.33.

Grid Dynamics Stock Down 2.3 %

Shares of GDYN stock opened at $22.01 on Wednesday. The stock’s 50-day moving average price is $21.54 and its 200 day moving average price is $17.52. The stock has a market capitalization of $1.82 billion, a PE ratio of 733.91 and a beta of 1.01. Grid Dynamics has a 52-week low of $9.07 and a 52-week high of $24.60.

Insider Activity

In related news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total value of $66,360.00. Following the transaction, the chief financial officer now directly owns 343,012 shares of the company’s stock, valued at $7,587,425.44. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 8,000 shares of company stock worth $171,780. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Coppell Advisory Solutions LLC acquired a new stake in shares of Grid Dynamics during the fourth quarter worth $25,000. Global Retirement Partners LLC purchased a new position in Grid Dynamics during the 4th quarter worth $27,000. MCF Advisors LLC raised its position in Grid Dynamics by 65.8% during the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after buying an additional 740 shares during the last quarter. FMR LLC lifted its stake in shares of Grid Dynamics by 38.7% in the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after acquiring an additional 801 shares during the period. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Grid Dynamics in the fourth quarter valued at about $70,000. 71.18% of the stock is currently 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.