Wasatch Advisors LP Sells 105,329 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Wasatch Advisors LP cut its holdings in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 1.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,038,262 shares of the company’s stock after selling 105,329 shares during the period. Wasatch Advisors LP owned about 0.09% of Grid Dynamics worth $98,536,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in Grid Dynamics by 38.7% during the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after buying an additional 801 shares in the last quarter. Quantbot Technologies LP bought a new stake in Grid Dynamics during the 3rd quarter worth about $122,000. Harbor Capital Advisors Inc. raised its holdings in shares of Grid Dynamics by 21.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after purchasing an additional 1,770 shares during the period. Intech Investment Management LLC bought a new stake in shares of Grid Dynamics in the 3rd quarter valued at about $153,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Grid Dynamics in the 2nd quarter valued at about $117,000. 71.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the completion of the sale, the chief executive officer now owns 3,460,901 shares of the company’s stock, valued at approximately $50,390,718.56. This represents a 0.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This trade represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 950,387 shares of company stock worth $12,239,324 in the last quarter. Corporate insiders own 7.20% of the company’s stock.

Grid Dynamics Stock Performance

Shares of GDYN opened at $18.30 on Friday. Grid Dynamics Holdings, Inc. has a 52 week low of $9.07 and a 52 week high of $19.86. The firm has a market cap of $1.51 billion, a P/E ratio of 610.20 and a beta of 1.04. The firm’s 50-day simple moving average is $16.01 and its 200 day simple moving average is $13.24.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The business had revenue of $87.40 million for the quarter, compared to analyst estimates of $85.09 million. During the same quarter in the prior year, the business earned $0.08 EPS. Grid Dynamics’s quarterly revenue was up 12.9% on a year-over-year basis.

Wall Street Analysts Forecast Growth

GDYN has been the topic of a number of research analyst reports. Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. TD Cowen upped their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. upped their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC upped their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Citigroup upped their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $17.50.

Grid Dynamics Company Profile

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.