Kyndryl (NYSE:KD) Shares Gap Up – What’s Next?

Shares of Kyndryl Holdings, Inc. (NYSE:KD) gapped up before the market opened on Thursday. The stock had previously closed at $11.26, but opened at $11.78. Kyndryl shares last traded at $11.9620, with a volume of 364,027 shares trading hands.

Analyst Upgrades and Downgrades

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

Kyndryl Stock Up 5.7%

The company has a market cap of $2.59 billion, a P/E ratio of 31.99 and a beta of 1.64. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a fifty day moving average price of $12.90 and a two-hundred day moving average price of $12.54.

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

Hedge Funds Weigh In On Kyndryl

A number of hedge funds have recently bought and sold shares of the company. State Street Corp boosted its holdings in Kyndryl by 6.8% during the second 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 last quarter. The Manufacturers Life Insurance Company grew its position in Kyndryl by 1.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 158,702 shares of the company’s stock worth $1,795,000 after purchasing an additional 2,034 shares in the last quarter. NewEdge Advisors LLC increased its stake in Kyndryl by 1,245.2% in the 2nd quarter. NewEdge Advisors LLC now owns 17,676 shares of the company’s stock valued at $200,000 after buying an additional 16,362 shares during the last quarter. IFP Advisors Inc increased its stake in Kyndryl by 44.8% in the 2nd quarter. IFP Advisors Inc now owns 3,256 shares of the company’s stock valued at $37,000 after buying an additional 1,008 shares during the last quarter. Finally, Waverly Advisors LLC purchased a new stake in Kyndryl in the 2nd quarter valued at about $153,000. 71.53% of the stock is owned by hedge funds and other institutional investors.

Kyndryl Company Profile

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.