Grid Dynamics (NASDAQ:GDYN) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Grid Dynamics (NASDAQ:GDYN) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on GDYN. JPMorgan Chase & Co. decreased their price target on shares of Grid Dynamics from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 18th. Needham & Company LLC reduced their price objective on shares of Grid Dynamics from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Weiss Ratings lowered shares of Grid Dynamics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday. TD Cowen lowered their target price on shares of Grid Dynamics from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Finally, Northland Securities cut their price target on Grid Dynamics from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Monday, March 9th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.00.

Grid Dynamics Price Performance

Shares of NASDAQ:GDYN opened at $6.99 on Wednesday. The business’s 50 day simple moving average is $6.05 and its 200-day simple moving average is $7.66. The firm has a market capitalization of $596.60 million, a price-to-earnings ratio of 139.83 and a beta of 0.86. Grid Dynamics has a 12 month low of $5.13 and a 12 month high of $15.32.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $104.10 million for the quarter, compared to the consensus estimate of $103.32 million. Grid Dynamics had a net margin of 1.27% and a return on equity of 1.20%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.11 earnings per share. On average, equities analysts anticipate that Grid Dynamics will post 0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GDYN. Thrivent Financial for Lutherans boosted its position in shares of Grid Dynamics by 3.6% in the third quarter. Thrivent Financial for Lutherans now owns 47,645 shares of the company’s stock worth $367,000 after acquiring an additional 1,640 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Grid Dynamics by 50.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,193 shares of the company’s stock worth $47,000 after purchasing an additional 1,742 shares during the last quarter. Quarry LP increased its position in Grid Dynamics by 57.1% during the third quarter. Quarry LP now owns 4,835 shares of the company’s stock worth $37,000 after purchasing an additional 1,757 shares during the last quarter. Trust Point Inc. raised its stake in Grid Dynamics by 13.6% during the fourth quarter. Trust Point Inc. now owns 14,947 shares of the company’s stock worth $135,000 after purchasing an additional 1,785 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in Grid Dynamics by 8.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 24,494 shares of the company’s stock worth $221,000 after purchasing an additional 1,821 shares during the period. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

About Grid Dynamics

Grid Dynamics (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.