Grid Dynamics (NASDAQ:GDYN) Price Target Cut to $15.00 by Analysts at JPMorgan Chase & Co.

Grid Dynamics (NASDAQ:GDYN) had its price objective cut by analysts at JPMorgan Chase & Co. from $17.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 48.51% from the company’s current price.

GDYN has been the subject of a number of other research reports. Cantor Fitzgerald increased their price target on Grid Dynamics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, March 13th. Citigroup lowered their price target on Grid Dynamics from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $15.25.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock traded up $0.19 on Thursday, hitting $10.10. The company had a trading volume of 203,710 shares, compared to its average volume of 306,719. Grid Dynamics has a 52 week low of $8.00 and a 52 week high of $14.70. The company has a market cap of $767.30 million, a PE ratio of -339.55 and a beta of 1.00. The business has a 50-day simple moving average of $11.90 and a 200-day simple moving average of $12.36.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results 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). Grid Dynamics had a negative net margin of 0.56% and a positive return on equity of 6.77%. The firm had revenue of $78.07 million for the quarter, compared to analyst estimates of $76.64 million. During the same quarter last year, the business posted $0.14 earnings per share. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts predict that Grid Dynamics will post 0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 10,000 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Leonard Livschitz sold 10,000 shares of Grid Dynamics stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total value of $105,400.00. Following the transaction, the chief executive officer now owns 3,660,691 shares in the company, valued at approximately $38,583,683.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anil Doradla sold 4,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.26, for a total transaction of $53,040.00. Following the sale, the chief financial officer now owns 395,568 shares of the company’s stock, valued at $5,245,231.68. The disclosure for this sale can be found here. Insiders sold 85,884 shares of company stock worth $1,069,255 over the last ninety days. 7.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. acquired a new stake in Grid Dynamics during the first quarter worth about $454,000. Wasatch Advisors LP raised its stake in shares of Grid Dynamics by 4.9% in the 1st quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock valued at $93,585,000 after buying an additional 357,785 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Grid Dynamics by 26.7% during the 4th quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock worth $25,046,000 after acquiring an additional 396,320 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Grid Dynamics by 6.7% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 84,379 shares of the company’s stock worth $1,125,000 after acquiring an additional 5,328 shares during the period. Finally, G2 Investment Partners Management LLC bought a new stake in Grid Dynamics in the fourth quarter valued at about $2,234,000. 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.