Grid Dynamics (NASDAQ:GDYN) Stock Price Down 5.7% – Should You Sell?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was down 5.7% during trading on Friday . The stock traded as low as $7.63 and last traded at $7.6230. 447,196 shares were traded during mid-day trading, a decline of 75% from the average session volume of 1,780,821 shares. The stock had previously closed at $8.08.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GDYN shares. Needham & Company LLC raised their price objective on Grid Dynamics from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Citigroup reissued a “cautious” rating on shares of Grid Dynamics in a report on Friday, May 29th. Weiss Ratings restated a “sell (d)” rating on shares of Grid Dynamics in a report on Friday, July 31st. TD Cowen boosted 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. Finally, Zacks Research raised shares of Grid Dynamics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.40.

Grid Dynamics Stock Down 5.9%

The firm has a market cap of $616.97 million, a PE ratio of 380.44 and a beta of 0.89. The company has a 50-day simple moving average of $7.25 and a two-hundred day simple moving average of $6.57.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate 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%. As a group, equities analysts predict that Grid Dynamics Holdings, Inc. will post 0.17 earnings per share for the current year.

Insider Buying and Selling at Grid Dynamics

In other news, COO Yury Gryzlov sold 3,930 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $8.00, for a total transaction of $31,440.00. Following the completion of the sale, the chief operating officer owned 508,087 shares of the company’s stock, valued at $4,064,696. This represents a 0.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,560 shares of company stock worth $74,132 over the last three months. 6.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds have recently made changes to their positions in the company. Fourth Sail Capital LP increased its stake in Grid Dynamics by 36.2% in the 4th quarter. Fourth Sail Capital LP now owns 3,827,968 shares of the company’s stock worth $34,567,000 after acquiring an additional 1,016,563 shares during the last quarter. Summit Creek Advisors LLC raised its position in Grid Dynamics by 27.5% in the 4th quarter. Summit Creek Advisors LLC now owns 923,757 shares of the company’s stock worth $8,342,000 after purchasing an additional 199,324 shares during the period. 1492 Capital Management LLC lifted its stake in shares of Grid Dynamics by 40.8% during the 4th quarter. 1492 Capital Management LLC now owns 809,951 shares of the company’s stock worth $7,314,000 after acquiring an additional 234,694 shares during the last quarter. Bastion Asset Management Inc. bought a new position in Grid Dynamics in the 1st quarter valued at $6,899,000. Finally, Royce & Associates LP purchased a new position in Grid Dynamics in the 4th quarter worth about $5,970,000. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

About Grid Dynamics

Grid Dynamics Holdings, Inc is a technology services company that helps enterprises design, build and modernize digital platforms and applications. Its work combines software engineering, cloud computing, data engineering, artificial intelligence and machine learning to support large-scale business transformation initiatives.

The company provides services for digital commerce, supply chain and logistics, financial services, healthcare, manufacturing and other industries. Its offerings include e-commerce and customer-experience solutions, cloud migration and modernization, data platforms, analytics, enterprise application development, and AI-enabled products and services.

Founded in 2006, Grid Dynamics serves enterprise customers internationally through a distributed delivery model spanning North America, Europe and other regions.