Grid Dynamics (NASDAQ:GDYN) Shares Gap Up – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price gapped up before the market opened on Thursday. The stock had previously closed at $7.88, but opened at $8.23. Grid Dynamics shares last traded at $8.5060, with a volume of 164,474 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GDYN. Needham & Company LLC upped their price objective on Grid Dynamics from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Zacks Research raised shares of Grid Dynamics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Weiss Ratings restated a “sell (d)” rating on shares of Grid Dynamics in a research report on Friday, July 31st. TD Cowen increased their price objective on shares of Grid Dynamics from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Grid Dynamics from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Grid Dynamics currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.40.

Grid Dynamics Stock Up 7.9%

The company has a 50 day moving average of $7.59 and a two-hundred day moving average of $6.63. The firm has a market cap of $689.85 million, a P/E ratio of 422.91 and a beta of 0.89.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Grid Dynamics had a return on equity of 1.90% and a net margin of 0.68%.The firm had revenue of $108.16 million for the quarter, compared to analyst estimates of $106.55 million. Research analysts expect that Grid Dynamics Holdings, Inc. will post 0.17 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Yury Gryzlov sold 3,930 shares of Grid Dynamics stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $8.00, for a total value of $31,440.00. Following the transaction, the chief operating officer owned 508,087 shares of the company’s stock, valued at $4,064,696. The trade was a 0.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 8,315 shares of company stock valued at $66,301. Insiders own 6.50% of the company’s stock.

Institutional Trading of Grid Dynamics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. S Squared Technology LLC grew its position in Grid Dynamics by 109.3% in the fourth quarter. S Squared Technology LLC now owns 636,737 shares of the company’s stock worth $5,750,000 after buying an additional 332,499 shares during the last quarter. Banco BTG Pactual S.A. bought a new position in shares of Grid Dynamics in the fourth quarter valued at $2,574,000. Pacer Advisors Inc. acquired a new stake in shares of Grid Dynamics during the 1st quarter valued at $884,000. Walleye Capital LLC acquired a new stake in shares of Grid Dynamics during the 1st quarter valued at $1,007,000. Finally, 1492 Capital Management LLC boosted its stake in shares of Grid Dynamics by 40.8% during the 4th quarter. 1492 Capital Management LLC now owns 809,951 shares of the company’s stock worth $7,314,000 after acquiring an additional 234,694 shares in the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.

Grid Dynamics Company Profile

Grid Dynamics Holdings, Inc is a technology services company that helps enterprises design, build and modernize digital platforms and applications. Its work combines software engineering, cloud computing, data engineering, artificial intelligence and machine learning to support large-scale business transformation initiatives.

The company provides services for digital commerce, supply chain and logistics, financial services, healthcare, manufacturing and other industries. Its offerings include e-commerce and customer-experience solutions, cloud migration and modernization, data platforms, analytics, enterprise application development, and AI-enabled products and services.

Founded in 2006, Grid Dynamics serves enterprise customers internationally through a distributed delivery model spanning North America, Europe and other regions.