Kyndryl (NYSE:KD) Stock Price Up 6% – Here’s What Happened

Kyndryl Holdings, Inc. (NYSE:KD)’s share price rose 6% during trading on Tuesday . The company traded as high as $12.47 and last traded at $12.2640. Approximately 922,643 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 4,679,197 shares. The stock had previously closed at $11.57.

Wall Street Analysts Forecast Growth

KD has been the subject of a number of recent analyst reports. Morgan Stanley cut their price objective on Kyndryl from $28.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 24th. Weiss Ratings cut Kyndryl from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, March 18th. Scotiabank cut their price objective on Kyndryl from $16.50 to $15.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Zacks Research cut Kyndryl from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Finally, Wall Street Zen lowered Kyndryl from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $22.14.

Kyndryl Price Performance

The stock’s 50-day moving average price is $12.62 and its 200 day moving average price is $17.51. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 14.19 and a beta of 1.66. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.77.

Kyndryl (NYSE:KD) last issued its earnings results on Wednesday, May 6th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.25). The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.74 billion. Kyndryl had a net margin of 1.31% and a return on equity of 20.43%. Kyndryl’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. Equities research analysts expect that Kyndryl Holdings, Inc. will post 1.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kyndryl

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Western Wealth Management LLC acquired a new position in Kyndryl during the first quarter worth $29,000. Los Angeles Capital Management LLC acquired a new position in Kyndryl during the fourth quarter worth $29,000. Quarry LP acquired a new position in Kyndryl during the fourth quarter worth $31,000. Smartleaf Asset Management LLC boosted its stake in Kyndryl by 192.0% during the third quarter. Smartleaf Asset Management LLC now owns 1,171 shares of the company’s stock worth $35,000 after buying an additional 770 shares during the last quarter. Finally, NBT Bank N A NY boosted its stake in Kyndryl by 3,220.0% during the fourth quarter. NBT Bank N A NY now owns 1,328 shares of the company’s stock worth $35,000 after buying an additional 1,288 shares during the last quarter. Institutional investors and hedge funds own 71.53% of the company’s stock.

Kyndryl Company Profile

Kyndryl (NYSE: KD) is a global managed infrastructure services provider formed in November 2021 through the spin-off of IBM’s Managed Infrastructure Services business. The company designs, builds, manages and modernizes critical information technology systems for enterprises worldwide. Kyndryl’s core offerings include cloud migration and management, network and edge computing solutions, digital workplace services and IT resiliency and security capabilities.

With a workforce of approximately 90,000 professionals and operations in more than 60 countries, Kyndryl serves clients across a broad range of industries, including financial services, telecommunications, healthcare, manufacturing and retail.