Kyndryl (NYSE:KD) Shares Climb 4.6% – Here’s Why

Kyndryl Holdings, Inc. (NYSE:KD)’s stock price shot up 4.6% during trading on Tuesday. The stock traded as high as $12.24 and last traded at $12.3240. Approximately 143,054 shares traded hands during trading, a decline of 97% from the average session volume of 4,486,613 shares. The stock had previously closed at $11.78.

Analyst Ratings Changes

A number of research firms recently weighed in on KD. Zacks Research upgraded shares of Kyndryl from a “strong sell” rating to a “hold” rating in a report on Monday, September 14th. JPMorgan Chase & Co. raised their price target on shares of Kyndryl from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Monday, August 10th. Weiss Ratings downgraded Kyndryl from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, August 6th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $16.00 price objective on shares of Kyndryl in a report on Thursday, August 6th. Seven analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $16.50.

Kyndryl Stock Performance

The company’s 50-day moving average is $12.67 and its two-hundred day moving average is $12.50. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.96. The company has a market cap of $2.66 billion, a P/E ratio of 32.96 and a beta of 1.66.

Kyndryl (NYSE:KD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.04. The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.64 billion. Kyndryl had a net margin of 0.58% and a return on equity of 12.24%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 earnings per share. Equities analysts predict that Kyndryl Holdings, Inc. will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Kyndryl

Several large investors have recently modified their holdings of KD. State Street Corp raised its holdings in shares of Kyndryl by 6.8% in the 2nd quarter. State Street Corp now owns 7,792,865 shares of the company’s stock worth $88,137,000 after purchasing an additional 492,925 shares during the period. Sound Shore Management Inc. CT lifted its stake in Kyndryl by 39.5% in the first quarter. Sound Shore Management Inc. CT now owns 4,147,984 shares of the company’s stock valued at $54,422,000 after purchasing an additional 1,173,761 shares during the last quarter. Cooper Creek Partners Management LLC grew its holdings in Kyndryl by 498.5% during the first quarter. Cooper Creek Partners Management LLC now owns 3,895,949 shares of the company’s stock valued at $51,115,000 after purchasing an additional 3,245,013 shares during the period. Bank of America Corp DE grew its holdings in Kyndryl by 12.8% during the first quarter. Bank of America Corp DE now owns 1,792,792 shares of the company’s stock valued at $23,521,000 after purchasing an additional 203,032 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Kyndryl by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 1,671,839 shares of the company’s stock worth $21,935,000 after buying an additional 74,823 shares during the last quarter. Hedge funds and other institutional investors own 71.53% of the company’s stock.

About Kyndryl

Kyndryl Holdings, Inc (NYSE: KD) is an information technology services company that designs, builds, manages and modernizes mission-critical technology systems for businesses and public-sector organizations. Its services include managed infrastructure, cloud solutions, application management, network and edge services, cybersecurity, data and artificial intelligence, and technology consulting.

The company helps clients operate and transform complex IT environments, including hybrid cloud and traditional on-premises systems.