Citigroup Cuts Grid Dynamics (NASDAQ:GDYN) Price Target to $15.00

Grid Dynamics (NASDAQ:GDYN) had its price target decreased by Citigroup from $17.00 to $15.00 in a research report report published on Monday, Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald lifted their price objective on shares of Grid Dynamics from $14.00 to $17.00 and gave the company an overweight rating in a research report on Wednesday, March 13th. JPMorgan Chase & Co. raised their target price on shares of Grid Dynamics from $16.00 to $17.00 and gave the company an overweight rating in a report on Friday, February 23rd. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of Buy and an average price target of $15.75.

Grid Dynamics Price Performance

Grid Dynamics stock opened at $10.24 on Monday. The stock has a market cap of $777.93 million, a P/E ratio of -341.22 and a beta of 0.94. Grid Dynamics has a 1 year low of $8.00 and a 1 year high of $14.70. The firm’s 50 day moving average price is $12.30 and its 200-day moving average price is $12.46.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.01). The company had revenue of $78.07 million for the quarter, compared to the consensus estimate of $76.64 million. Grid Dynamics had a negative net margin of 0.56% and a positive return on equity of 6.77%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 EPS. As a group, equities analysts expect that Grid Dynamics will post 0.07 EPS for the current year.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.26, for a total transaction of $53,040.00. Following the completion of the transaction, the chief financial officer now directly owns 395,568 shares of the company’s stock, valued at $5,245,231.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.26, for a total transaction of $53,040.00. Following the completion of the sale, the chief financial officer now directly owns 395,568 shares in the company, valued at $5,245,231.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Leonard Livschitz sold 10,000 shares of Grid Dynamics stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total value of $105,400.00. Following the completion of the sale, the chief executive officer now owns 3,660,691 shares of the company’s stock, valued at $38,583,683.14. The disclosure for this sale can be found here. Insiders sold 100,884 shares of company stock valued at $1,265,155 over the last three months. 7.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Grid Dynamics

A number of large investors have recently added to or reduced their stakes in GDYN. International Assets Investment Management LLC bought a new position in Grid Dynamics in the fourth quarter worth about $26,000. SG Americas Securities LLC purchased a new stake in shares of Grid Dynamics during the third quarter worth about $142,000. American Trust grew its stake in shares of Grid Dynamics by 10.1% during the third quarter. American Trust now owns 12,963 shares of the company’s stock worth $158,000 after acquiring an additional 1,186 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new stake in shares of Grid Dynamics during the third quarter worth about $166,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Grid Dynamics by 147.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,246 shares of the company’s stock worth $203,000 after acquiring an additional 9,081 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors.

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.