Kyndryl (NYSE:KD) Shares Gap Down – Here’s What Happened

Kyndryl Holdings, Inc. (NYSE:KD) shares gapped down prior to trading on Tuesday . The stock had previously closed at $12.32, but opened at $11.49. Kyndryl shares last traded at $11.2310, with a volume of 1,197,557 shares traded.

Analysts Set New Price Targets

KD has been the subject of several research reports. Wall Street Zen lowered shares of Kyndryl from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Scotiabank decreased their target price on shares of Kyndryl from $16.50 to $15.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Kyndryl in a report on Monday, June 15th. Susquehanna lowered Kyndryl from a “positive” rating to a “neutral” rating and dropped their price target for the stock from $16.00 to $13.00 in a research report on Thursday, May 21st. Finally, Morgan Stanley reduced their price objective on Kyndryl from $28.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 24th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $16.67.

Kyndryl Price Performance

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $2.53 billion, a PE ratio of 13.51 and a beta of 1.67. The stock’s 50-day moving average is $11.86 and its two-hundred day moving average is $15.42.

Kyndryl (NYSE:KD) last announced its earnings results on Wednesday, May 6th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.25). Kyndryl had a net margin of 1.31% and a return on equity of 20.43%. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter last year, the firm earned $0.52 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis. On average, equities analysts predict that Kyndryl Holdings, Inc. will post 1.54 EPS for the current year.

Hedge Funds Weigh In On Kyndryl

Several hedge funds have recently bought and sold shares of KD. Versant Capital Management Inc lifted its position in shares of Kyndryl by 104.1% during the second quarter. Versant Capital Management Inc now owns 2,418 shares of the company’s stock worth $27,000 after purchasing an additional 1,233 shares during the last quarter. Western Wealth Management LLC bought a new position in shares of Kyndryl in the first quarter worth about $29,000. Los Angeles Capital Management LLC bought a new position in shares of Kyndryl in the fourth quarter worth about $29,000. Quarry LP purchased a new position in Kyndryl in the 4th quarter worth about $31,000. Finally, NBT Bank N A NY increased its stake in Kyndryl by 3,220.0% in the 4th 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 period. Institutional investors own 71.53% of the company’s stock.

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.