Grid Dynamics (NASDAQ:GDYN) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Grid Dynamics (NASDAQ:GDYN) posted its earnings results on Thursday. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01, Briefing.com reports. The firm had revenue of $83.04 million for the quarter, compared to the consensus estimate of $81.06 million. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.09 earnings per share. Grid Dynamics updated its Q3 2024 guidance to EPS.

Grid Dynamics Trading Up 13.0 %

Shares of Grid Dynamics stock traded up $1.59 during trading on Friday, hitting $13.84. The stock had a trading volume of 1,338,287 shares, compared to its average volume of 332,432. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 461.33 and a beta of 1.05. Grid Dynamics has a 12 month low of $9.07 and a 12 month high of $14.70. The business’s 50-day moving average is $10.70 and its 200 day moving average is $11.56.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GDYN. TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and increased their target price for the stock from $12.00 to $16.00 in a research report on Friday. JPMorgan Chase & Co. dropped their target price on Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Citigroup dropped their target price on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, July 12th. Needham & Company LLC restated a “buy” rating and set a $16.00 target price on shares of Grid Dynamics in a research report on Friday, May 3rd. Finally, Wedbush restated an “outperform” rating and set a $13.00 target price on shares of Grid Dynamics in a research report on Thursday, May 23rd. Six analysts have rated the stock with a buy rating, According to MarketBeat, Grid Dynamics presently has an average rating of “Buy” and a consensus price target of $15.17.

Insider Transactions at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of the company’s 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 transaction, the chief financial officer now owns 369,282 shares of the company’s stock, valued at $4,789,587.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Grid Dynamics news, Director Shuo Zhang sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $9.34, for a total transaction of $37,360.00. Following the sale, the director now owns 22,015 shares in the company, valued at $205,620.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $12.97, for a total value of $38,910.00. Following the sale, the chief financial officer now owns 369,282 shares in the company, valued at approximately $4,789,587.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,000 shares of company stock valued at $754,660. 7.40% of the stock is currently owned by company insiders.

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.