Grid Dynamics (NASDAQ:GDYN) Lifted to “Buy” at TD Cowen

Grid Dynamics (NASDAQ:GDYN) was upgraded by TD Cowen from a “hold” rating to a “buy” rating in a report issued on Friday, Briefing.com reports. The firm presently has a $16.00 price target on the stock, up from their prior price target of $12.00. TD Cowen’s price objective points to a potential upside of 30.61% from the stock’s current price.

GDYN has been the topic of several other reports. Wedbush reissued an “outperform” rating and set a $13.00 price objective on shares of Grid Dynamics in a research note on Thursday, May 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 target price on shares of Grid Dynamics in a research note on Friday, May 3rd. Citigroup cut their target price on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, July 12th. Finally, JPMorgan Chase & Co. cut their target price on Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $15.17.

Grid Dynamics Trading Down 5.0 %

NASDAQ:GDYN opened at $12.25 on Friday. The business’s 50-day moving average is $10.63 and its 200 day moving average is $11.56. Grid Dynamics has a 12 month low of $9.07 and a 12 month high of $14.70. The company has a market capitalization of $937.37 million, a P/E ratio of 408.47 and a beta of 1.05.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.09). Grid Dynamics had a return on equity of 3.31% and a net margin of 0.72%. The company had revenue of $79.82 million for the quarter, compared to the consensus estimate of $77.48 million. On average, research analysts forecast that Grid Dynamics will post 0.02 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Leonard Livschitz sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $10.12, for a total value of $101,200.00. Following the transaction, the chief executive officer now owns 3,595,901 shares of the company’s stock, valued at $36,390,518.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Grid Dynamics news, CEO Leonard Livschitz sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $10.12, for a total transaction of $101,200.00. Following the completion of the sale, the chief executive officer now owns 3,595,901 shares in the company, valued at $36,390,518.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Shuo Zhang sold 4,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $9.34, for a total value of $37,360.00. Following the sale, the director now owns 22,015 shares of the company’s stock, valued at approximately $205,620.10. The disclosure for this sale can be found here. Insiders have sold a total of 70,000 shares of company stock valued at $715,750 over the last quarter. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Grid Dynamics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GDYN. Rhumbline Advisers grew its position in Grid Dynamics by 5.2% during the 2nd quarter. Rhumbline Advisers now owns 82,323 shares of the company’s stock worth $865,000 after purchasing an additional 4,072 shares during the period. Principal Financial Group Inc. grew its position in Grid Dynamics by 11.2% during the 2nd quarter. Principal Financial Group Inc. now owns 41,044 shares of the company’s stock worth $431,000 after purchasing an additional 4,134 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Grid Dynamics by 17.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,919 shares of the company’s stock worth $188,000 after purchasing an additional 2,673 shares during the period. Bank of New York Mellon Corp grew its position in Grid Dynamics by 9.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 240,095 shares of the company’s stock worth $2,523,000 after purchasing an additional 20,989 shares during the period. Finally, Nicholas Company Inc. grew its position in Grid Dynamics by 7.3% during the 2nd quarter. Nicholas Company Inc. now owns 368,121 shares of the company’s stock worth $3,869,000 after purchasing an additional 24,986 shares during the period. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Grid Dynamics Company Profile

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.