Grid Dynamics (NASDAQ:GDYN) Price Target Raised to $18.00 at JPMorgan Chase & Co.

Grid Dynamics (NASDAQ:GDYN) had its price objective boosted by JPMorgan Chase & Co. from $17.00 to $18.00 in a research note published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

GDYN has been the topic of a number of other reports. TD Cowen raised shares of Grid Dynamics from a “hold” rating to a “buy” rating and boosted their target price for the stock from $12.00 to $16.00 in a report on Friday, August 2nd. Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Needham & Company LLC boosted their target price on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Citigroup boosted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $17.50.

Grid Dynamics Price Performance

GDYN stock opened at $15.24 on Wednesday. The company has a 50 day simple moving average of $14.45 and a 200 day simple moving average of $12.21. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 508.00 and a beta of 1.04. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $17.66.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $83.04 million during the quarter, compared to analysts’ expectations of $81.06 million. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS.

Insider Activity

In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares in the company, valued at $50,390,718.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the transaction, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 958,387 shares of company stock valued at $12,311,004. 7.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. raised its holdings in Grid Dynamics by 21.3% during the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock worth $106,000 after buying an additional 1,770 shares during the last quarter. ProShare Advisors LLC acquired a new position in Grid Dynamics during the first quarter worth $124,000. Hsbc Holdings PLC acquired a new position in Grid Dynamics during the second quarter worth $117,000. XTX Topco Ltd acquired a new position in Grid Dynamics during the second quarter worth $129,000. Finally, Mount Yale Investment Advisors LLC acquired a new position in Grid Dynamics during the second quarter worth $141,000. 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.