Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Short Interest Down 7.5% in January

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the target of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 3,350,000 shares, a drop of 7.5% from the January 15th total of 3,620,000 shares. Currently, 4.4% of the company’s stock are sold short. Based on an average daily volume of 996,500 shares, the short-interest ratio is presently 3.4 days.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Citigroup boosted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. TD Cowen boosted their price objective 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. JPMorgan Chase & Co. increased their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC lifted their target price on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Grid Dynamics presently has a consensus rating of “Buy” and a consensus price target of $18.33.

Insider Transactions at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $19.08, for a total transaction of $57,240.00. Following the sale, the chief financial officer now directly owns 373,282 shares of the company’s stock, valued at approximately $7,122,220.56. This represents a 0.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 8,000 shares of company stock valued at $171,780. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GDYN. Lord Abbett & CO. LLC bought a new stake in shares of Grid Dynamics during the third quarter valued at about $8,589,000. SG Americas Securities LLC bought a new stake in shares of Grid Dynamics during the 4th quarter worth about $242,000. Vontobel Holding Ltd. acquired a new stake in shares of Grid Dynamics in the 3rd quarter worth approximately $1,143,000. Barclays PLC boosted its holdings in shares of Grid Dynamics by 173.8% in the third quarter. Barclays PLC now owns 111,182 shares of the company’s stock valued at $1,556,000 after acquiring an additional 70,579 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after acquiring an additional 675,419 shares during the period. Institutional investors own 71.18% of the company’s stock.

Grid Dynamics Stock Performance

Shares of GDYN traded down $0.32 during midday trading on Monday, hitting $22.52. 368,082 shares of the stock traded hands, compared to its average volume of 629,039. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $24.60. The business’s 50 day moving average price is $21.50 and its two-hundred day moving average price is $17.46. The firm has a market capitalization of $1.86 billion, a PE ratio of 750.92 and a beta of 1.01.

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.