Why Grid Dynamics Soared 26% on Friday
Shares of Grid Dynamics Holdings (NASDAQ: GDYN) soared on Friday after the company reported quarterly results after the closing bell on Thursday. The stock was up as much as 37.7% on the day, and as of 2:04 p.m. EDT, is up 26.1%.
After the close on Thursday, Grid Dynamics released its financial results for the third quarter, which covered the three months ending in September. Revenue was $57.9 million in the period, up 120% year over year. Adjusted earnings per share (EPS) was $0.11 in the period. Both numbers were better than what analysts had expected heading into the report. The company also got an upgrade from an analyst at Needham & Company, which raised its price target to $45 a share and labeled the stock a buy. Currently, the stock trades at around $37 a share.
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Source Fool.com
