San Ramon, Calif.—Leonard Livschitz, the Chief Executive Officer of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN), recently sold 50,000 shares of common stock, according to a filing with the Securities and Exchange Commission. The sale, conducted on January 7, 2025, was executed at an average price of $21.60 per share, totaling approximately $1.08 million. The transaction comes as Grid Dynamics' stock has shown remarkable strength, posting a 103% return over the past six months, with the current price near its 52-week high of $24.16.
This transaction was carried out under a Rule 10b5-1 trading plan, which Livschitz adopted on August 5, 2024. The shares were sold in multiple trades, with prices ranging from $21.26 to $22.40, as noted in the filing. Following the sale, Livschitz retains direct ownership of 3,091,906 shares of Grid Dynamics.
Additionally, Livschitz indirectly owns 4,694 shares through his spouse, as specified in the footnotes of the filing. Grid Dynamics Holdings, a technology services company specializing in digital transformation, continues to be a significant player in the software services industry.
In other recent news, Grid Dynamics has been making significant strides in the market. Needham and TD Cowen have both maintained a Buy rating on the company, with Needham increasing the price target to $25 from $20, and TD Cowen increasing it to $22 from $19. This comes after Grid Dynamics surpassed revenue and EBITDA estimates in Q3, leading to an increase in the price target.
The company's robust financial performance was driven by demand across key sectors and strategic acquisitions, including the successful completion of Mobile Computing and JUXT acquisitions. Grid Dynamics also announced plans for a public offering of 5 million shares, contingent on market conditions, with J.P. Morgan Securities, William Blair & Company, and TD Cowen serving as joint book-running managers.
The company is expected to benefit from increased spending on artificial intelligence technologies and partnerships with large hyperscalers. Grid Dynamics anticipates positive Q4 revenues between $95 million and $97 million, with acquisitions projected to contribute 10% to this revenue. These are among the recent developments for Grid Dynamics.
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