Leonard Livschitz, CEO of Grid Dynamics Holdings, Inc. (NASDAQ: GDYN), recently reduced his ownership stake in the company, selling 40,000 shares of common stock on December 24, 2024. According to a filing with the Securities and Exchange Commission, the shares were sold at a weighted average price of $20.53, amounting to approximately $821,200 in total. The stock, currently trading near its 52-week high of $21.19, has experienced significant momentum, surging over 106% in the past six months.
The sale was executed under a Rule 10b5-1 trading plan that Livschitz had established on August 5, 2024. Following the transaction, he continues to directly hold 3,295,901 shares, with an additional 4,694 shares held indirectly by his spouse. The sales involved multiple trades within a price range of $20.28 to $20.79.
Meanwhile, Grid Dynamics has been thriving, driven by growing demand for its artificial intelligence (AI) solutions. Financial firms Needham and TD Cowen recently reiterated their bullish outlooks on the company, raising price targets following positive discussions with CFO Anil Doradla and a robust Q3 performance that surpassed both revenue and EBITDA expectations.
The company has also announced plans for a public offering of 5 million shares, contingent on favorable market conditions. This follows record-breaking Q3 results, which included $87.4 million in revenue and $14.8 million in Non-GAAP EBITDA. Strategic acquisitions, such as those of Mobile Computing and JUXT, have further fueled Grid Dynamics’ expansion and strengthened its market position.
Looking ahead, Grid Dynamics forecasts Q4 revenues between $95 million and $97 million, with acquisitions anticipated to account for 10% of this total. Despite conservative projections for December due to holiday-related furloughs, strong demand from both new and existing clients suggests a positive trajectory for the company’s growth. These developments underscore Grid Dynamics’ commitment to capitalizing on emerging opportunities in the AI and technology sectors.
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