Grid Dynamics (NASDAQ:GDYN) Shares Gap Down on Insider Selling

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $28.67, but opened at $28.00. Grid Dynamics shares last traded at $29.05, with a volume of 2,120 shares changing hands.

Specifically, VP Stan Klimoff sold 4,000 shares of the stock in a transaction dated Tuesday, July 6th. The shares were sold at an average price of $19.62, for a total transaction of $78,480.00. Following the sale, the vice president now owns 199,692 shares of the company’s stock, valued at approximately $3,917,957.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric Benhamou sold 47,460 shares of the stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $30.08, for a total transaction of $1,427,596.80. Following the sale, the director now directly owns 263,785 shares in the company, valued at approximately $7,934,652.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,949,667 shares of company stock worth $76,236,908. 15.60% of the stock is owned by insiders.

Several research analysts have recently issued reports on the stock. Canaccord Genuity raised their target price on shares of Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, August 6th. They noted that the move was a valuation call. JPMorgan Chase & Co. assumed coverage on shares of Grid Dynamics in a research note on Friday, July 30th. They issued an “overweight” rating and a $25.00 target price on the stock. Zacks Investment Research lowered shares of Grid Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday, August 12th. Northland Securities raised their target price on shares of Grid Dynamics from $19.00 to $29.00 and gave the company an “outperform” rating in a research note on Monday, August 9th. Finally, Needham & Company LLC raised their target price on shares of Grid Dynamics from $23.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 6th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $24.50.

The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -151.63 and a beta of 0.91. The business’s 50-day moving average is $23.48 and its two-hundred day moving average is $18.52.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, August 5th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.04. Grid Dynamics had a negative net margin of 6.55% and a positive return on equity of 9.48%. On average, equities research analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new position in shares of Grid Dynamics during the 1st quarter worth approximately $163,000. Summit Creek Advisors LLC grew its stake in shares of Grid Dynamics by 206.1% during the 2nd quarter. Summit Creek Advisors LLC now owns 542,359 shares of the company’s stock worth $8,152,000 after acquiring an additional 365,195 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Grid Dynamics by 10.7% during the 1st quarter. Geode Capital Management LLC now owns 456,885 shares of the company’s stock worth $7,278,000 after acquiring an additional 44,269 shares in the last quarter. Mirador Capital Partners LP grew its stake in shares of Grid Dynamics by 12.3% during the 2nd quarter. Mirador Capital Partners LP now owns 103,600 shares of the company’s stock worth $1,557,000 after acquiring an additional 11,360 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Grid Dynamics by 21.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 14,766 shares of the company’s stock worth $235,000 after acquiring an additional 2,608 shares in the last quarter. Hedge funds and other institutional investors own 44.25% of the company’s stock.

About Grid Dynamics (NASDAQ:GDYN)

Grid Dynamics Holdings, Inc provides digital engineering and information technology services. Its core business is to deliver focused and complex technical consulting, software design, development, testing and internet service operations. The company also helps organizations become more agile and create innovative digital products and experiences through its deep expertise in emerging technology, such as AI, data science, cloud computing, big data and DevOps, lean software development practices and a performance product culture.

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