Grid Dynamics (NASDAQ:GDYN) Shares Gap Up to $11.97

Posted by Defense World Staff on Sep 10th, 2023

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $11.97, but opened at $12.25. Grid Dynamics shares last traded at $12.15, with a volume of 108,166 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on GDYN. JPMorgan Chase & Co. upped their price target on Grid Dynamics from $11.00 to $14.00 and gave the company an “overweight” rating in a research report on Tuesday, August 22nd. Cantor Fitzgerald dropped their price objective on Grid Dynamics from $17.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, July 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Grid Dynamics in a report on Friday, August 4th. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $14.00.

Read Our Latest Report on GDYN

Grid Dynamics Trading Down 1.1 %

The firm has a fifty day simple moving average of $10.82 and a two-hundred day simple moving average of $10.52. The stock has a market cap of $891.98 million, a PE ratio of -43.85 and a beta of 0.80.

Grid Dynamics (NASDAQ:GDYN – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $77.30 million for the quarter, compared to analyst estimates of $76.36 million. Grid Dynamics had a positive return on equity of 9.71% and a negative net margin of 5.86%. The company’s revenue was up .0% on a year-over-year basis. During the same period in the prior year, the company earned $0.12 EPS. Equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Grid Dynamics

Several institutional investors and hedge funds have recently bought and sold shares of GDYN. Jennison Associates LLC grew its position in shares of Grid Dynamics by 0.5% in the 1st quarter. Jennison Associates LLC now owns 2,690,632 shares of the company’s stock worth $30,835,000 after buying an additional 13,376 shares during the last quarter. Granahan Investment Management LLC lifted its stake in shares of Grid Dynamics by 87.4% in the 4th quarter. Granahan Investment Management LLC now owns 1,594,397 shares of the company’s stock valued at $17,889,000 after purchasing an additional 743,713 shares during the period. Arizona State Retirement System lifted its stake in shares of Grid Dynamics by 12.9% in the 1st quarter. Arizona State Retirement System now owns 13,937 shares of the company’s stock valued at $160,000 after purchasing an additional 1,594 shares during the period. Arcadia Investment Management Corp MI lifted its stake in shares of Grid Dynamics by 131.0% in the 1st quarter. Arcadia Investment Management Corp MI now owns 3,946 shares of the company’s stock valued at $45,000 after purchasing an additional 2,238 shares during the period. Finally, Nicholas Company Inc. lifted its stake in shares of Grid Dynamics by 6.5% in the 4th quarter. Nicholas Company Inc. now owns 297,050 shares of the company’s stock valued at $3,333,000 after purchasing an additional 18,125 shares during the period. 69.68% of the stock is currently owned by institutional investors.

About Grid Dynamics

(Get Free Report)

Grid Dynamics Holdings, Inc, together with its subsidiaries, provides enterprise-level digital transformation services in the areas of search, analytics, and release automation for Fortune 1000 corporations in North America, Europe, and internationally. It works in collaboration with its clients on digital transformation initiatives that cover strategy consulting, early prototypes, and enterprise-scale delivery of new digital platforms.