Millennium Management LLC Takes Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Millennium Management LLC purchased a new stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 23,357 shares of the company’s stock, valued at approximately $519,000.

A number of other institutional investors have also recently made changes to their positions in GDYN. Loomis Sayles & Co. L P acquired a new position in shares of Grid Dynamics in the 4th quarter valued at about $55,114,000. Vanguard Group Inc. lifted its position in shares of Grid Dynamics by 26.8% during the fourth quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company’s stock worth $123,110,000 after acquiring an additional 1,171,481 shares in the last quarter. Focus Partners Wealth purchased a new stake in shares of Grid Dynamics in the fourth quarter worth $23,053,000. William Blair Investment Management LLC purchased a new stake in shares of Grid Dynamics in the fourth quarter worth $22,192,000. Finally, Ensign Peak Advisors Inc purchased a new stake in Grid Dynamics during the fourth quarter valued at about $20,162,000. Institutional investors own 71.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GDYN. Needham & Company LLC raised their price objective on Grid Dynamics from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Wall Street Zen lowered shares of Grid Dynamics from a “buy” rating to a “hold” rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $18.75.

Insider Buying and Selling

In other Grid Dynamics news, COO Yury Gryzlov sold 2,000 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $13.22, for a total value of $26,440.00. Following the sale, the chief operating officer now owns 474,269 shares in the company, valued at $6,269,836.18. The trade was a 0.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 6,737 shares of company stock valued at $98,828. Company insiders own 7.20% of the company’s stock.

Grid Dynamics Stock Up 1.7%

Shares of NASDAQ GDYN opened at $12.15 on Monday. Grid Dynamics Holdings, Inc. has a twelve month low of $9.11 and a twelve month high of $25.50. The firm has a market cap of $1.03 billion, a P/E ratio of 303.75 and a beta of 1.07. The company has a 50 day moving average of $13.54 and a 200 day moving average of $17.73.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. The firm had revenue of $100.42 million during the quarter, compared to the consensus estimate of $98.19 million. During the same quarter in the previous year, the firm posted $0.10 EPS. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, equities analysts expect that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

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.