Grid Dynamics (NASDAQ:GDYN) Lifted to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Grid Dynamics (NASDAQ:GDYN) to a strong-buy rating in a research report released on Monday morning, Zacks.com reports. Cantor Fitzgerald also issued estimates for Grid Dynamics’ FY2024 earnings at $0.04 EPS.

Other analysts have also issued reports about the company. Wedbush reaffirmed an outperform rating and set a $13.00 target price on shares of Grid Dynamics in a report on Thursday, May 23rd. TD Cowen upgraded Grid Dynamics from a hold rating to a buy rating and increased their price target for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Citigroup lowered their price target 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 increased their price target on Grid Dynamics from $16.00 to $17.00 and gave the stock a buy rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. lowered their price target 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. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $15.33.

Grid Dynamics Stock Up 3.9 %

Grid Dynamics stock opened at $13.43 on Monday. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 447.67 and a beta of 1.05. Grid Dynamics has a 52 week low of $9.07 and a 52 week high of $14.70. The business’s 50-day moving average price is $11.36 and its 200 day moving average price is $11.60.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, August 1st. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. The firm had revenue of $83.04 million for the quarter, compared to analyst estimates of $81.06 million. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. Grid Dynamics’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the company earned $0.09 earnings per share. Equities analysts expect that Grid Dynamics will post 0.02 EPS for the current year.

Insider Activity at Grid Dynamics

In related news, Director Shuo Zhang sold 4,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 22,015 shares of the company’s stock, valued at $205,620.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Grid Dynamics news, CEO Leonard Livschitz sold 10,000 shares of the firm’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 of the company’s stock, valued at $36,390,518.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Shuo Zhang sold 4,000 shares of the firm’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 directly owns 22,015 shares of the company’s stock, valued at approximately $205,620.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 78,000 shares of company stock valued at $843,160. 7.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System increased its stake in Grid Dynamics by 5.3% during the fourth quarter. Arizona State Retirement System now owns 16,849 shares of the company’s stock worth $225,000 after acquiring an additional 855 shares during the last quarter. Mirador Capital Partners LP grew its stake in shares of Grid Dynamics by 0.8% in the second quarter. Mirador Capital Partners LP now owns 123,399 shares of the company’s stock valued at $1,297,000 after buying an additional 954 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Grid Dynamics by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after buying an additional 1,184 shares in the last quarter. Linden Thomas Advisory Services LLC grew its stake in shares of Grid Dynamics by 1.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 106,498 shares of the company’s stock valued at $1,119,000 after buying an additional 1,735 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Grid Dynamics by 21.3% in the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after buying an additional 1,770 shares in the last quarter. Institutional investors and hedge funds 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.