TD Cowen Lowers Grid Dynamics (NASDAQ:GDYN) Price Target to $8.00

Grid Dynamics (NASDAQ:GDYN) had its price target lowered by investment analysts at TD Cowen from $10.00 to $8.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price would suggest a potential upside of 36.29% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Jefferies Financial Group lowered shares of Grid Dynamics from a “buy” rating to a “hold” rating and set a $8.00 price target on the stock. in a research note on Friday, May 29th. Weiss Ratings downgraded shares of Grid Dynamics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 4th. Zacks Research raised Grid Dynamics from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Citigroup reiterated a “cautious” rating on shares of Grid Dynamics in a research report on Friday, May 29th. Finally, Needham & Company LLC cut their target price on Grid Dynamics from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $9.00.

Grid Dynamics Trading Down 0.8%

Shares of GDYN stock opened at $5.87 on Thursday. The company has a market capitalization of $490.91 million, a P/E ratio of 117.42 and a beta of 0.98. The business’s 50 day moving average is $6.38 and its two-hundred day moving average is $6.90. Grid Dynamics has a twelve month low of $5.11 and a twelve month high of $11.47.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. Grid Dynamics had a return on equity of 1.20% and a net margin of 1.27%.The business had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $103.32 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts predict that Grid Dynamics will post 0.1 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Yury Gryzlov sold 4,435 shares of Grid Dynamics stock in a transaction on Monday, June 1st. The stock was sold at an average price of $8.00, for a total transaction of $35,480.00. Following the completion of the transaction, the chief operating officer owned 514,948 shares of the company’s stock, valued at $4,119,584. The trade was a 0.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 6,147 shares of company stock worth $46,323. Insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. FNY Investment Advisers LLC purchased a new stake in Grid Dynamics in the 2nd quarter valued at approximately $99,000. Mirador Capital Partners LP increased its position in Grid Dynamics by 10.6% during the second quarter. Mirador Capital Partners LP now owns 189,086 shares of the company’s stock worth $1,074,000 after buying an additional 18,108 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Grid Dynamics during the first quarter worth $884,000. Bank of America Corp DE raised its holdings in shares of Grid Dynamics by 76.4% in the first quarter. Bank of America Corp DE now owns 364,342 shares of the company’s stock worth $2,077,000 after acquiring an additional 157,767 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Grid Dynamics by 460.4% in the first quarter. Quantinno Capital Management LP now owns 206,289 shares of the company’s stock worth $1,176,000 after acquiring an additional 169,477 shares during the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Company Profile

Grid Dynamics (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.