Grid Dynamics (NASDAQ:GDYN) PT Lowered to $14.00

Grid Dynamics (NASDAQ:GDYN – Get Rating) had its target price cut by Citigroup from $17.00 to $14.00 in a report issued on Monday, The Fly reports. Citigroup’s price target suggests a potential upside of 64.13% from the company’s previous close.

Several other research firms have also recently weighed in on GDYN. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Grid Dynamics in a report on Friday, February 24th. Cantor Fitzgerald dropped their target price on shares of Grid Dynamics from $20.00 to $17.00 in a report on Friday, May 5th. Finally, TheStreet lowered shares of Grid Dynamics from a “c” rating to a “d+” rating in a research report on Thursday, April 6th.

Grid Dynamics Trading Down 0.7 %

GDYN opened at $8.53 on Monday. The company has a fifty day moving average price of $11.12 and a two-hundred day moving average price of $11.77. The company has a market cap of $638.30 million, a P/E ratio of -17.06 and a beta of 0.84. Grid Dynamics has a 1-year low of $8.00 and a 1-year high of $24.27.

Grid Dynamics (NASDAQ:GDYN – Get Rating) last issued its earnings results on Thursday, May 4th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $80.08 million for the quarter, compared to analysts’ expectations of $79.62 million. Grid Dynamics had a negative net margin of 10.81% and a positive return on equity of 11.47%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.10 EPS. On average, research analysts forecast that Grid Dynamics will post 0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Leonard Livschitz sold 74,296 shares of the business’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $11.82, for a total transaction of $878,178.72. Following the completion of the transaction, the chief executive officer now directly owns 3,274,136 shares of the company’s stock, valued at $38,700,287.52. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 11.80% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Several large investors have recently modified their holdings of GDYN. Wasatch Advisors Inc. increased its position in shares of Grid Dynamics by 101.7% in the first quarter. Wasatch Advisors Inc. now owns 5,128,874 shares of the company’s stock valued at $72,215,000 after buying an additional 2,585,803 shares in the last quarter. Toronado Partners LLC raised its position in shares of Grid Dynamics by 166.5% during the 1st quarter. Toronado Partners LLC now owns 2,117,679 shares of the company’s stock valued at $29,817,000 after acquiring an additional 1,323,046 shares in the last quarter. Fred Alger Management LLC grew its stake in shares of Grid Dynamics by 132.5% in the third quarter. Fred Alger Management LLC now owns 1,859,943 shares of the company’s stock worth $34,837,000 after purchasing an additional 1,059,965 shares in the last quarter. Granahan Investment Management LLC grew its stake in shares of Grid Dynamics by 87.4% in the fourth quarter. Granahan Investment Management LLC now owns 1,594,397 shares of the company’s stock worth $17,889,000 after purchasing an additional 743,713 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Grid Dynamics by 684.1% in the fourth quarter. JPMorgan Chase & Co. now owns 776,306 shares of the company’s stock valued at $8,711,000 after buying an additional 677,301 shares during the period. 68.69% of the stock is owned by institutional investors and hedge funds.

Grid Dynamics Company Profile

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Grid Dynamics Holdings, Inc provides digital engineering and information technology services. The firm core business is to deliver focused and complex technical consulting, software design, development, testing and internet service operations. It also helps organizations become more agile and create innovative digital products and experiences through its deep expertise in emerging technology, such as AI, data science, cloud computing, big data and DevOps, lean software development practices and a performance product culture.