Grid Dynamics (NASDAQ:GDYN) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Grid Dynamics (NASDAQ:GDYN) from a hold rating to a strong sell rating in a report published on Monday morning,Zacks.com reports.

GDYN has been the topic of several other reports. Weiss Ratings restated a “hold (c-)” rating on shares of Grid Dynamics in a research note on Wednesday, December 24th. TD Cowen lowered their target price on shares of Grid Dynamics from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, March 6th. Northland Securities dropped their target price on shares of Grid Dynamics from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Monday. JPMorgan Chase & Co. reduced their price target on shares of Grid Dynamics from $10.00 to $9.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 18th. Finally, Needham & Company LLC decreased their price target on shares of Grid Dynamics from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, March 6th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.60.

Grid Dynamics Stock Up 5.8%

Shares of Grid Dynamics stock opened at $6.62 on Monday. The business has a 50-day moving average price of $7.81 and a 200 day moving average price of $8.22. Grid Dynamics has a fifty-two week low of $6.00 and a fifty-two week high of $17.91. The firm has a market cap of $561.17 million, a P/E ratio of 66.20 and a beta of 0.84.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, March 5th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $106.15 million for the quarter, compared to the consensus estimate of $105.92 million. Grid Dynamics had a return on equity of 1.46% and a net margin of 2.35%.Grid Dynamics’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS. As a group, equities research analysts anticipate that Grid Dynamics will post 0.18 earnings per share for the current year.

Institutional Trading of Grid Dynamics

Several hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC acquired a new position in Grid Dynamics during the 4th quarter valued at about $194,000. T. Rowe Price Investment Management Inc. increased its stake in shares of Grid Dynamics by 4,907,857.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,030,671 shares of the company’s stock valued at $9,307,000 after purchasing an additional 1,030,650 shares during the period. Invesco Ltd. increased its stake in shares of Grid Dynamics by 4.9% in the fourth quarter. Invesco Ltd. now owns 279,867 shares of the company’s stock valued at $2,527,000 after purchasing an additional 12,993 shares during the period. Wellington Management Group LLP raised its holdings in shares of Grid Dynamics by 20.8% during the fourth quarter. Wellington Management Group LLP now owns 2,356,779 shares of the company’s stock valued at $21,282,000 after buying an additional 405,381 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Grid Dynamics during the fourth quarter worth approximately $359,000. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Company Profile

Grid Dynamics (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.