The stock of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) is now priced at $6.86 and the shares are -0.05 points down or -0.72% lower compared to its previous closing price of $6.91. The stock had 100865 contracts set over the past session. GDYN shares’ daily volume is compared to its average trading volume at 322901 shares. However, it has a float of 19.79 million and although its performance was 5.18% over the week, it’s one to watch. Analysts have given the GDYN stock a yearly average price target of $11.5 per share. It means the stock’s upside potential is 67.64% with the GDYN share price recently placing at $6.89 to $7.11. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are climbing into the Grid Dynamics Holdings, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the GDYN shares have risen. Short interest in the stock represents just 3.33% of its float, but the volume has raised by 541031. The volume of shorted shares rised to 659206 from 118175 shares over the last two weeks. The average intraday trading volume has been 1.122 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) raised by $0.38 over the week and lost -$0.35 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $13.51. The stock recorded its established 52-week high on 02/12/20.
Since 03/19/20, the stock has traded to a low of $4.61 at 48.81%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Grid Dynamics Holdings, Inc.’s two-week RSI is 42.55. This suggests that the stock is neutral at the moment and that GDYN shares’ price movement remains stable. The stochastic readings are equally revealing at 33.03% meaning the GDYN share price is currently in neutral territory.
The technical chart shows that the GDYN stock will likely settle at between $7.05 and $7.19 per share. However, if the stock dips below $6.83, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.75.
Currently, the stock is trading in the green of MACD, with a reading of 0.16. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned GDYN a rating of Buy in their intiating review released on June 25.
The average rating for the GDYN equity is 1.67 and is currently gathering a bullish momentum. Of 4 analysts tracking Grid Dynamics Holdings, Inc. polled by Reuters, 0 rated GDYN as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the GDYN stock price is 32.9X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 34.4. Grid Dynamics Holdings, Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 4.5 industry average.