Millennium Management LLC Purchases New Holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Millennium Management LLC purchased a new stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,357 shares of the company’s stock, valued at approximately $519,000.

Other large investors have also recently bought and sold shares of the company. Coppell Advisory Solutions LLC acquired a new position in Grid Dynamics during the fourth quarter valued at approximately $25,000. Global Retirement Partners LLC acquired a new position in Grid Dynamics during the fourth quarter valued at approximately $27,000. Johnson Financial Group Inc. acquired a new position in Grid Dynamics during the fourth quarter valued at approximately $70,000. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Grid Dynamics by 68.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 3,157 shares of the company’s stock valued at $71,000 after buying an additional 1,282 shares during the last quarter. Finally, Cetera Investment Advisers bought a new position in shares of Grid Dynamics during the 4th quarter worth approximately $200,000. 71.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Needham & Company LLC lifted their target price on Grid Dynamics from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Wall Street Zen downgraded Grid Dynamics from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $18.75.

Grid Dynamics Trading Up 1.7%

NASDAQ:GDYN opened at $12.15 on Monday. The stock has a market cap of $1.03 billion, a P/E ratio of 303.75 and a beta of 1.07. The stock has a 50 day simple moving average of $13.54 and a 200 day simple moving average of $17.73. Grid Dynamics Holdings, Inc. has a 1-year low of $9.11 and a 1-year high of $25.50.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. The business had revenue of $100.42 million during the quarter, compared to analysts’ expectations of $98.19 million. Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period last year, the firm posted $0.10 EPS. As a group, sell-side analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current year.

Insider Buying and Selling

In other Grid Dynamics news, COO Yury Gryzlov sold 2,000 shares of Grid Dynamics stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $13.97, for a total value of $27,940.00. Following the completion of the transaction, the chief operating officer now directly owns 476,269 shares of the company’s stock, valued at $6,653,477.93. The trade was a 0.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 6,737 shares of company stock valued at $98,828. 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.