Grid Dynamics (NASDAQ:GDYN) Price Target Cut to $15.00 by Analysts at JPMorgan Chase & Co.

Grid Dynamics (NASDAQ:GDYN) had its target price decreased by JPMorgan Chase & Co. from $17.00 to $15.00 in a report published on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

GDYN has been the subject of several other reports. Cantor Fitzgerald lifted their target price on shares of Grid Dynamics from $14.00 to $17.00 and gave the company an overweight rating in a research report on Wednesday, March 13th. Citigroup dropped their price objective on shares of Grid Dynamics from $17.00 to $15.00 and set a buy rating for the company in a report on Monday, April 22nd. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $15.75.

Grid Dynamics Stock Up 2.3 %

Shares of GDYN stock traded up $0.23 on Thursday, reaching $10.07. The company’s stock had a trading volume of 556,407 shares, compared to its average volume of 314,441. The company has a market capitalization of $765.02 million, a P/E ratio of -335.55 and a beta of 1.00. Grid Dynamics has a 12-month low of $8.00 and a 12-month high of $14.70. The stock’s 50 day simple moving average is $11.82 and its 200-day simple moving average is $12.35.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The business had revenue of $78.07 million during the quarter, compared to the consensus estimate of $76.64 million. Grid Dynamics had a positive return on equity of 6.77% and a negative net margin of 0.56%. Grid Dynamics’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 earnings per share. Research analysts expect that Grid Dynamics will post 0.07 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $10.00, for a total value of $30,000.00. Following the completion of the sale, the chief financial officer now owns 385,979 shares of the company’s stock, valued at approximately $3,859,790. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $13.08, for a total value of $196,200.00. Following the transaction, the chief executive officer now directly owns 3,513,456 shares of the company’s stock, valued at approximately $45,956,004.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $10.00, for a total value of $30,000.00. Following the sale, the chief financial officer now directly owns 385,979 shares of the company’s stock, valued at approximately $3,859,790. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,884 shares of company stock valued at $1,099,255. 7.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GDYN. Wasatch Advisors LP increased its position in shares of Grid Dynamics by 4.9% in the first quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock valued at $93,585,000 after acquiring an additional 357,785 shares during the period. Vanguard Group Inc. grew its stake in shares of Grid Dynamics by 1.2% in the third quarter. Vanguard Group Inc. now owns 4,007,370 shares of the company’s stock worth $48,810,000 after purchasing an additional 45,750 shares during the last quarter. Jennison Associates LLC increased its holdings in Grid Dynamics by 1.2% during the 1st quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock valued at $28,748,000 after purchasing an additional 26,974 shares during the period. Wellington Management Group LLP raised its position in Grid Dynamics by 26.7% during the 4th quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock valued at $25,046,000 after purchasing an additional 396,320 shares during the last quarter. Finally, Summit Creek Advisors LLC lifted its holdings in Grid Dynamics by 0.4% in the 3rd quarter. Summit Creek Advisors LLC now owns 984,074 shares of the company’s stock worth $11,986,000 after buying an additional 3,564 shares during the period. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Company Profile

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.