Grid Dynamics (NASDAQ:GDYN) Stock Rating Lowered by Zacks Research

Grid Dynamics (NASDAQ:GDYN) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday, Zacks reports.

Several other analysts have also issued reports on GDYN. Needham & Company LLC lifted their target price on shares of Grid Dynamics from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, July 31st. TD Cowen upped their price target on shares of Grid Dynamics from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Grid Dynamics from $7.00 to $8.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Grid Dynamics in a research note on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Grid Dynamics has a consensus rating of “Hold” and an average price target of $9.40.

Grid Dynamics Stock Down 2.7%

Shares of NASDAQ:GDYN traded down $0.22 during trading on Thursday, reaching $7.79. 676,468 shares of the company’s stock traded hands, compared to its average volume of 804,880. Grid Dynamics has a fifty-two week low of $5.11 and a fifty-two week high of $10.21. The company has a 50-day simple moving average of $7.87 and a 200-day simple moving average of $6.79. The firm has a market cap of $632.00 million, a PE ratio of 389.69 and a beta of 0.97.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The company had revenue of $108.16 million during the quarter, compared to analysts’ expectations of $106.55 million. Grid Dynamics had a return on equity of 1.90% and a net margin of 0.68%. On average, equities research analysts forecast that Grid Dynamics will post 0.20 EPS for the current year.

Insider Activity at Grid Dynamics

In related news, COO Yury Gryzlov sold 4,849 shares of the stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $8.00, for a total value of $38,792.00. Following the completion of the transaction, the chief operating officer directly owned 495,290 shares of the company’s stock, valued at approximately $3,962,320. This represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,409 shares of company stock worth $115,625 in the last three months. 6.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC purchased a new position in Grid Dynamics in the 2nd quarter worth approximately $75,000. Squarepoint Ops LLC purchased a new stake in shares of Grid Dynamics in the second quarter valued at approximately $2,702,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Grid Dynamics in the second quarter valued at approximately $234,000. Summit Creek Advisors LLC acquired a new stake in shares of Grid Dynamics in the second quarter valued at approximately $2,452,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Grid Dynamics in the second quarter valued at approximately $99,000. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Company Profile

Grid Dynamics Holdings, Inc (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises modernize their businesses through software development, cloud computing, data and analytics, and artificial intelligence. The company designs and builds technology platforms intended to improve operational efficiency, customer experiences, and the use of enterprise data.

Its services include digital commerce and customer experience solutions, cloud and data engineering, machine learning and artificial intelligence, application modernization, and software product development.