Grid Dynamics (NASDAQ:GDYN) Trading 10.1% Higher – Still a Buy?

by · The Cerbat Gem

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN – Get Free Report) shot up 10.1% during mid-day trading on Wednesday . The stock traded as high as $9.65 and last traded at $9.62. 612,377 shares were traded during mid-day trading, a decline of 35% from the average session volume of 939,451 shares. The stock had previously closed at $8.74.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GDYN. Zacks Research upgraded Grid Dynamics from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Jefferies Financial Group assumed coverage on shares of Grid Dynamics in a research note on Monday, September 22nd. They issued a “buy” rating and a $11.00 price target for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Grid Dynamics in a research report on Wednesday, October 8th. Needham & Company LLC cut their target price on Grid Dynamics from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Grid Dynamics from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.33.

View Our Latest Stock Analysis on GDYN

Grid Dynamics Stock Up 8.6%

The stock has a market capitalization of $804.89 million, a price-to-earnings ratio of 63.30 and a beta of 0.85. The company has a fifty day moving average of $8.26 and a two-hundred day moving average of $9.47.

Grid Dynamics (NASDAQ:GDYN – Get Free Report) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.09. Grid Dynamics had a net margin of 3.42% and a return on equity of 1.74%. The business had revenue of $104.16 million for the quarter, compared to analyst estimates of $103.64 million. During the same period in the previous year, the business posted $0.14 earnings per share. The business’s revenue was up 19.1% compared to the same quarter last year. Equities analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Grid Dynamics by 28,150.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,695 shares of the company’s stock valued at $27,000 after purchasing an additional 1,689 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Grid Dynamics during the 3rd quarter valued at $31,000. PNC Financial Services Group Inc. increased its position in Grid Dynamics by 199.0% during the first quarter. PNC Financial Services Group Inc. now owns 2,293 shares of the company’s stock worth $36,000 after buying an additional 1,526 shares in the last quarter. Quarry LP raised its holdings in shares of Grid Dynamics by 57.1% in the third quarter. Quarry LP now owns 4,835 shares of the company’s stock worth $37,000 after acquiring an additional 1,757 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Grid Dynamics in the second quarter worth $43,000. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Grid Dynamics Company Profile

(Get Free Report)

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.

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