Renaissance Technologies LLC Trims Stock Holdings in Grid Dynamics Holdings, Inc. $GDYN

Renaissance Technologies LLC lowered its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 78.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,000 shares of the company’s stock after selling 121,600 shares during the period. Renaissance Technologies LLC’s holdings in Grid Dynamics were worth $188,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. raised its stake in Grid Dynamics by 236.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,290,786 shares of the company’s stock valued at $33,082,000 after purchasing an additional 3,017,017 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Grid Dynamics during the third quarter worth about $8,854,000. Bastion Asset Management Inc. purchased a new stake in shares of Grid Dynamics during the first quarter worth about $6,899,000. Alliancebernstein L.P. raised its position in shares of Grid Dynamics by 123.9% in the second quarter. Alliancebernstein L.P. now owns 1,896,409 shares of the company’s stock valued at $21,904,000 after buying an additional 1,049,519 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of Grid Dynamics by 4,907,857.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,030,671 shares of the company’s stock valued at $9,307,000 after buying an additional 1,030,650 shares during the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Insider Activity

In other news, COO Yury Gryzlov sold 3,930 shares of the business’s stock in a transaction on 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 directly owned 508,087 shares of the company’s stock, valued at $4,064,696. The trade was a 0.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 10,077 shares of company stock worth $78,268. 6.50% of the stock is owned by insiders.

Grid Dynamics Price Performance

Shares of GDYN stock opened at $7.91 on Friday. The firm’s 50-day simple moving average is $6.39 and its 200-day simple moving average is $6.41. Grid Dynamics Holdings, Inc. has a 1-year low of $5.11 and a 1-year high of $10.21. The firm has a market cap of $641.74 million, a P/E ratio of 395.70 and a beta of 0.92.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Grid Dynamics had a net margin of 0.68% and a return on equity of 1.90%. The firm had revenue of $108.16 million during the quarter, compared to the consensus estimate of $106.55 million. Analysts expect that Grid Dynamics Holdings, Inc. will post 0.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GDYN shares. Weiss Ratings restated a “sell (d)” rating on shares of Grid Dynamics in a research report on Friday, July 31st. Needham & Company LLC boosted their price target on Grid Dynamics from $8.00 to $10.00 and gave the company a “buy” rating in a report on Friday, July 31st. JPMorgan Chase & Co. increased their price target on Grid Dynamics from $7.00 to $8.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Jefferies Financial Group cut Grid Dynamics from a “buy” rating to a “hold” rating and set a $8.00 price objective on the stock. in a report on Friday, May 29th. Finally, TD Cowen lifted their price objective on Grid Dynamics from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $9.40.

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.