Kornitzer Capital Management Inc. KS Invests $1.03 Million in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Kornitzer Capital Management Inc. KS purchased a new position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 46,300 shares of the company’s stock, valued at approximately $1,030,000. Kornitzer Capital Management Inc. KS owned approximately 0.06% of Grid Dynamics at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Wellington Management Group LLP increased its position 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 worth $40,037,000 after purchasing an additional 675,419 shares in the last quarter. State Street Corp increased its position in shares of Grid Dynamics by 0.5% in the 3rd quarter. State Street Corp now owns 1,446,130 shares of the company’s stock valued at $20,246,000 after acquiring an additional 6,938 shares during the period. Geode Capital Management LLC increased its position in shares of Grid Dynamics by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after acquiring an additional 17,763 shares during the period. Royce & Associates LP increased its position in shares of Grid Dynamics by 5.9% in the 3rd quarter. Royce & Associates LP now owns 802,101 shares of the company’s stock valued at $11,229,000 after acquiring an additional 44,720 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Grid Dynamics in the 3rd quarter valued at $8,589,000. 71.18% of the stock is owned by institutional investors and hedge funds.

Grid Dynamics Stock Performance

NASDAQ:GDYN opened at $21.57 on Thursday. Grid Dynamics Holdings, Inc. has a one year low of $9.07 and a one year high of $24.60. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 719.24 and a beta of 1.01. The firm’s fifty day moving average is $21.58 and its two-hundred day moving average is $17.55.

Insider Buying and Selling at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total transaction of $66,360.00. Following the sale, the chief financial officer now directly owns 343,012 shares of the company’s stock, valued at $7,587,425.44. This represents a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 8,000 shares of company stock valued at $171,780. 7.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GDYN shares. TD Cowen upped their target price on 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. upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC upped their target price on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Citigroup upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $18.33.

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.