Short Interest in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Rises By 18.2%

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 2,210,000 shares, a growth of 18.2% from the December 15th total of 1,870,000 shares. Based on an average trading volume of 891,300 shares, the short-interest ratio is presently 2.5 days. Currently, 3.5% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Needham & Company LLC increased their price target on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Citigroup boosted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. TD Cowen upped their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Grid Dynamics presently has a consensus rating of “Buy” and a consensus target price of $18.33.

Grid Dynamics Price Performance

Grid Dynamics stock traded up $0.41 during mid-day trading on Friday, hitting $21.06. 498,634 shares of the company’s stock traded hands, compared to its average volume of 1,463,230. The firm has a 50 day simple moving average of $19.72 and a two-hundred day simple moving average of $15.83. Grid Dynamics has a fifty-two week low of $9.07 and a fifty-two week high of $24.16. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 702.23 and a beta of 1.01.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $87.40 million during the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. Grid Dynamics’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.08 EPS. On average, research analysts anticipate that Grid Dynamics will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total value of $66,360.00. Following the completion of the transaction, the chief financial officer now owns 343,012 shares of the company’s stock, valued at approximately $7,587,425.44. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 13,000 shares of company stock worth $247,220. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of large investors have recently made changes to their positions in GDYN. Wellington Management Group LLP grew its holdings in Grid Dynamics by 30.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after buying an additional 675,419 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Grid Dynamics by 14.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock valued at $17,581,000 after acquiring an additional 206,201 shares during the period. State Street Corp grew its stake in shares of Grid Dynamics by 0.5% in the third 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 in the last quarter. Geode Capital Management LLC increased its position in Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after acquiring an additional 17,763 shares during the period. Finally, Royce & Associates LP raised its stake in Grid Dynamics by 5.9% in the 3rd quarter. Royce & Associates LP now owns 802,101 shares of the company’s stock worth $11,229,000 after purchasing an additional 44,720 shares in the last quarter. 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.