Renaissance Technologies LLC Boosts Stock Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Renaissance Technologies LLC raised its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 64.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 287,600 shares of the company’s stock after purchasing an additional 112,800 shares during the quarter. Renaissance Technologies LLC owned 0.38% of Grid Dynamics worth $3,023,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GDYN. CenterBook Partners LP purchased a new stake in shares of Grid Dynamics in the fourth quarter worth about $651,000. Wasatch Advisors LP boosted its position in Grid Dynamics by 2.8% during the fourth quarter. Wasatch Advisors LP now owns 7,256,928 shares of the company’s stock worth $96,735,000 after purchasing an additional 197,063 shares in the last quarter. G2 Investment Partners Management LLC purchased a new position in Grid Dynamics during the fourth quarter worth approximately $2,234,000. Teachers Retirement System of The State of Kentucky boosted its position in Grid Dynamics by 6.7% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 84,379 shares of the company’s stock worth $1,125,000 after purchasing an additional 5,328 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Grid Dynamics by 26.7% during the fourth quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock worth $25,046,000 after purchasing an additional 396,320 shares in the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Insider Transactions at Grid Dynamics

In other news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total transaction of $205,950.00. Following the completion of the transaction, the chief executive officer now directly owns 3,475,901 shares in the company, valued at $47,724,120.73. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total value of $205,950.00. Following the completion of the transaction, the chief executive officer now directly owns 3,475,901 shares in the company, valued at $47,724,120.73. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $12.97, for a total value of $38,910.00. Following the completion of the transaction, the chief financial officer now owns 369,282 shares of the company’s stock, valued at $4,789,587.54. The disclosure for this sale can be found here. Insiders sold a total of 956,387 shares of company stock worth $12,247,814 over the last ninety days. Company insiders own 7.40% of the company’s stock.

Grid Dynamics Stock Down 0.4 %

GDYN stock opened at $14.00 on Tuesday. The business has a fifty day moving average of $13.50 and a two-hundred day moving average of $11.67. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 466.67 and a beta of 1.06. Grid Dynamics Holdings, Inc. has a 52-week low of $9.07 and a 52-week high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The business had revenue of $83.04 million during the quarter, compared to analyst estimates of $81.06 million. During the same period last year, the business posted $0.09 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GDYN shares. Needham & Company LLC increased their price target on Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Citigroup reduced their target price on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, July 12th. JPMorgan Chase & Co. increased their price target on Grid Dynamics from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Cantor Fitzgerald raised Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Finally, TD Cowen raised Grid Dynamics from a “hold” rating to a “buy” rating and increased their price target for the company from $12.00 to $16.00 in a report on Friday, August 2nd. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $15.67.

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.