Grid Dynamics (NASDAQ:GDYN) Announces Earnings Results

Grid Dynamics (NASDAQ:GDYNGet Rating) announced its quarterly earnings results on Thursday. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05, MarketWatch Earnings reports. Grid Dynamics had a positive return on equity of 12.30% and a negative net margin of 3.64%. The business had revenue of $71.41 million for the quarter, compared to the consensus estimate of $65.07 million. During the same period last year, the business posted $0.05 EPS. The business’s revenue was up 82.5% compared to the same quarter last year.

Grid Dynamics stock traded up $2.35 during trading hours on Friday, hitting $17.39. 1,746,895 shares of the stock traded hands, compared to its average volume of 590,760. The firm’s 50 day moving average price is $13.17 and its 200-day moving average price is $25.13. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -133.77 and a beta of 1.04. Grid Dynamics has a 1 year low of $9.09 and a 1 year high of $42.81.

In other Grid Dynamics news, insider Stan Klimoff sold 4,000 shares of the business’s stock in a transaction dated Monday, February 7th. The stock was sold at an average price of $25.34, for a total transaction of $101,360.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Eric Benhamou purchased 23,500 shares of the company’s stock in a transaction on Wednesday, March 16th. The shares were purchased at an average price of $10.88 per share, for a total transaction of $255,680.00. The disclosure for this purchase can be found here. 11.80% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Grid Dynamics by 5.7% in the 4th quarter. BlackRock Inc. now owns 6,222,685 shares of the company’s stock valued at $236,275,000 after buying an additional 337,586 shares during the period. State Street Corp lifted its holdings in shares of Grid Dynamics by 12.1% in the 4th quarter. State Street Corp now owns 877,054 shares of the company’s stock valued at $33,302,000 after buying an additional 94,342 shares during the period. Morgan Stanley lifted its holdings in shares of Grid Dynamics by 604,155.8% in the 2nd quarter. Morgan Stanley now owns 725,107 shares of the company’s stock valued at $10,897,000 after buying an additional 724,987 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Grid Dynamics by 82.4% in the 4th quarter. Nuveen Asset Management LLC now owns 336,587 shares of the company’s stock valued at $12,269,000 after buying an additional 152,024 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Grid Dynamics by 7.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 323,418 shares of the company’s stock valued at $12,281,000 after buying an additional 23,607 shares during the period. 65.42% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have recently issued reports on GDYN shares. Needham & Company LLC lifted their price target on Grid Dynamics from $22.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, April 7th. Citigroup boosted their target price on Grid Dynamics from $20.00 to $23.00 in a research note on Friday. Cowen downgraded Grid Dynamics from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $37.00 to $16.00 in a research note on Thursday, February 24th. Northland Securities dropped their target price on Grid Dynamics from $40.00 to $22.50 and set an “outperform” rating on the stock in a research note on Friday, March 4th. Finally, Cantor Fitzgerald dropped their target price on Grid Dynamics from $40.00 to $25.00 in a research note on Friday, February 25th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $22.81.

About Grid Dynamics (Get Rating)

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.

Further Reading

Earnings History for Grid Dynamics (NASDAQ:GDYN)

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