Should You Hold Grid Dynamics Holdings (GDYN) for the Long-Term?
Alger Capital, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. The fund returned 3.01% (without sales charges) compared to 4.72% for the benchmark. The Energy and Industrials sectors contributed to the fund’s relative performance in the quarter, while Information Technology and Health Care sectors detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in the Q4 2022 investor letter. Headquartered in San Ramon, California, Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) is an enterprise-level digital transformation services provider. On February 24, 2023, Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) stock closed at $12.34 per share. One-month return of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was -1.28%, and its shares gained 1.56% of their value over the last 52 weeks. Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) has a market capitalization of $915.091 million.
Alger Weatherbie Specialized Growth Fund made the following comment about Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in its Q4 2022 investor letter:
“Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) provides digital engineering and information technology services. The firm's core business is to deliver focused and complex technical consulting, software design, development, testing and internet service operations. Shares underperformed during the quarter as the company noted an increased scrutiny of budgets across customers with certain brick-and-mortar retailers pulling back on spending This led management to provide fiscal fourth revenue guidance below consensus expectations where they noted weakness in consumer spending may linger into fiscal first quarter 2023 results. However, the company continued to sign up multiple new customers during the quarter including two Fortune 500 companies. We remain confident in the company's long-term prospects and believe they are well positioned to win new deals as they become more scalable.”
Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in another article and shared Baron Small Cap Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
