Grid Dynamics (NASDAQ:GDYN) Stock Price Down 3.5% – Should You Sell?

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) traded down 3.5% during mid-day trading on Friday . The company traded as low as $18.30 and last traded at $18.34. 136,729 shares traded hands during trading, a decline of 64% from the average session volume of 377,447 shares. The stock had previously closed at $19.01.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on GDYN shares. Needham & Company LLC increased their price objective on Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. raised their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Citigroup upped their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. TD Cowen raised their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $17.50.

Grid Dynamics Stock Down 3.7 %

The company has a market cap of $1.51 billion, a P/E ratio of 610.20 and a beta of 1.04. The company’s 50-day moving average is $16.01 and its two-hundred day moving average is $13.26.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. During the same quarter last year, the business posted $0.08 EPS. Grid Dynamics’s quarterly revenue was up 12.9% compared to the same quarter last year.

Insider Activity

In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the sale, the insider now owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. The trade was a 6.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Anil Doradla sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $17.66, for a total transaction of $70,640.00. Following the completion of the transaction, the chief financial officer now directly owns 376,282 shares of the company’s stock, valued at approximately $6,645,140.12. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 950,387 shares of company stock valued at $12,239,324 in the last 90 days. Insiders own 7.20% of the company’s stock.

Institutional Trading of Grid Dynamics

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in Grid Dynamics by 38.7% during the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after buying an additional 801 shares in the last quarter. Quarry LP boosted its position in shares of Grid Dynamics by 131.5% in the third quarter. Quarry LP now owns 5,236 shares of the company’s stock valued at $73,000 after acquiring an additional 2,974 shares during the period. Harbor Capital Advisors Inc. grew its stake in Grid Dynamics by 21.3% during the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after acquiring an additional 1,770 shares in the last quarter. Hsbc Holdings PLC bought a new stake in Grid Dynamics during the 2nd quarter worth approximately $117,000. Finally, Quantbot Technologies LP purchased a new stake in Grid Dynamics in the 3rd quarter worth approximately $122,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.

About Grid Dynamics

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.