Kyndryl (NYSE:KD) Stock Price Up 4.6% – Still a Buy?

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

Wall Street Analysts Forecast Growth

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

Kyndryl Price Performance

The company has a market capitalization of $2.56 billion, a P/E ratio of 18.27 and a beta of 1.66. 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 company has a fifty day moving average price of $12.58 and a 200 day moving average price of $12.49.

Kyndryl (NYSE:KD) last released its quarterly earnings results 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 during 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 quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share. On average, sell-side analysts forecast that Kyndryl Holdings, Inc. will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Kyndryl

Several hedge funds and other institutional investors have recently bought and sold shares of KD. State Street Corp raised its stake in shares of Kyndryl by 6.8% in the second quarter. State Street Corp now owns 7,792,865 shares of the company’s stock valued at $88,137,000 after purchasing an additional 492,925 shares in the last quarter. Sound Shore Management Inc. CT boosted its position in shares of Kyndryl by 39.5% during the 1st quarter. Sound Shore Management Inc. CT now owns 4,147,984 shares of the company’s stock valued at $54,422,000 after acquiring an additional 1,173,761 shares in the last quarter. Cooper Creek Partners Management LLC raised its position in Kyndryl by 498.5% in the first quarter. Cooper Creek Partners Management LLC now owns 3,895,949 shares of the company’s stock worth $51,115,000 after purchasing an additional 3,245,013 shares in the last quarter. Bank of America Corp DE boosted 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 in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Kyndryl by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,671,839 shares of the company’s stock valued at $21,935,000 after purchasing an additional 74,823 shares during the period. 71.53% of the stock is currently owned by institutional investors.

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.