Bank of America Corp DE Decreases Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Bank of America Corp DE cut its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 58.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 437,001 shares of the company’s stock after selling 612,457 shares during the quarter. Bank of America Corp DE owned approximately 0.53% of Grid Dynamics worth $9,719,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BNP Paribas Financial Markets purchased a new position in Grid Dynamics in the 4th quarter valued at about $353,000. Ameriprise Financial Inc. lifted its stake in Grid Dynamics by 303.8% in the 4th quarter. Ameriprise Financial Inc. now owns 184,130 shares of the company’s stock worth $4,095,000 after purchasing an additional 138,529 shares in the last quarter. Comerica Bank lifted its stake in Grid Dynamics by 25.0% in the 4th quarter. Comerica Bank now owns 56,546 shares of the company’s stock worth $1,258,000 after purchasing an additional 11,303 shares in the last quarter. PDT Partners LLC purchased a new position in Grid Dynamics in the 4th quarter worth approximately $397,000. Finally, Northern Trust Corp lifted its stake in Grid Dynamics by 14.2% in the 4th quarter. Northern Trust Corp now owns 851,727 shares of the company’s stock worth $18,942,000 after purchasing an additional 106,193 shares in the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC raised their target price on shares of Grid Dynamics from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Grid Dynamics has an average rating of “Buy” and an average price target of $18.75.

Grid Dynamics Price Performance

GDYN opened at $12.84 on Friday. The company’s 50 day simple moving average is $14.31 and its two-hundred day simple moving average is $18.07. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $25.50. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 321.00 and a beta of 1.13.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, May 1st. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The business had revenue of $100.42 million for the quarter, compared to analyst estimates of $98.19 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. The business’s revenue was up 25.8% on a year-over-year basis. During the same period last year, the company posted $0.10 EPS. On average, equities analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Transactions at Grid Dynamics

In other news, COO Yury Gryzlov sold 10,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $18.66, for a total transaction of $192,309.96. Following the completion of the sale, the chief operating officer now owns 482,759 shares in the company, valued at $9,008,282.94. This trade represents a 2.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anil Doradla sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $18.10, for a total transaction of $36,200.00. Following the sale, the chief financial officer now owns 366,818 shares of the company’s stock, valued at $6,639,405.80. This represents a 0.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,043 shares of company stock worth $327,338 in the last 90 days. Insiders own 7.20% of the company’s stock.

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.