Kyndryl (NYSE:KD) Trading 7.3% Higher – Here’s Why

Kyndryl Holdings, Inc. (NYSE:KD) shares shot up 7.3% during trading on Wednesday . The company traded as high as $12.28 and last traded at $12.14. Approximately 1,059,837 shares were traded during trading, a decline of 78% from the average session volume of 4,732,041 shares. The stock had previously closed at $11.31.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on KD shares. Scotiabank decreased their target price on Kyndryl from $16.50 to $15.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Susquehanna lowered Kyndryl from a “positive” rating to a “neutral” rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Thursday, May 21st. Weiss Ratings restated a “sell (d+)” rating on shares of Kyndryl in a research report on Monday, June 15th. BMO Capital Markets began coverage on Kyndryl in a research note on Monday, April 20th. They issued a “market perform” rating and a $15.00 target price for the company. Finally, Wall Street Zen cut Kyndryl from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $22.14.

Kyndryl Price Performance

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.77. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 14.30 and a beta of 1.66. The company’s 50-day moving average is $12.17 and its 200-day moving average is $16.35.

Kyndryl (NYSE:KD) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.25). Kyndryl had a net margin of 1.31% and a return on equity of 20.43%. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. Equities research analysts expect that Kyndryl Holdings, Inc. will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of Kyndryl

Large investors have recently bought and sold shares of 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 stake in shares of Kyndryl during the 4th quarter worth about $29,000. Quarry LP bought a new position in Kyndryl during the 4th quarter valued at about $31,000. NBT Bank N A NY boosted its position in Kyndryl by 3,220.0% in the fourth quarter. NBT Bank N A NY now owns 1,328 shares of the company’s stock valued at $35,000 after buying an additional 1,288 shares in the last quarter. Finally, NFSG Corp boosted its position in Kyndryl by 177.2% in the first quarter. NFSG Corp now owns 2,830 shares of the company’s stock valued at $37,000 after buying an additional 1,809 shares in the last quarter. 71.53% of the stock is currently owned by institutional investors.

About Kyndryl

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.