Oppenheimer Initiates Coverage on Kyndryl (NYSE:KD)

Equities researchers at Oppenheimer initiated coverage on shares of Kyndryl (NYSE:KD) in a research note issued to investors on Thursday, MarketBeat reports. The firm set an “outperform” rating and a $33.00 price target on the stock. Oppenheimer’s price target indicates a potential upside of 25.43% from the company’s current price.

A number of other brokerages also recently weighed in on KD. Scotiabank increased their price target on shares of Kyndryl from $28.00 to $30.00 and gave the company a “sector outperform” rating in a report on Monday, May 13th. Susquehanna increased their price target on shares of Kyndryl from $27.00 to $33.00 and gave the company a “positive” rating in a report on Thursday, May 9th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Kyndryl currently has a consensus rating of “Buy” and a consensus target price of $29.40.

Kyndryl Price Performance

NYSE KD opened at $26.31 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.77. The company has a fifty day simple moving average of $24.97 and a 200 day simple moving average of $22.38. The company has a market cap of $6.06 billion, a P/E ratio of -17.66, a P/E/G ratio of 5.81 and a beta of 1.70. Kyndryl has a 1 year low of $11.92 and a 1 year high of $28.60.

Kyndryl (NYSE:KD) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.11. Kyndryl had a negative net margin of 2.12% and a negative return on equity of 4.11%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the prior year, the firm earned ($0.21) EPS. The business’s revenue was down 9.5% on a year-over-year basis. On average, sell-side analysts predict that Kyndryl will post 0.87 EPS for the current year.

Insider Activity

In other news, SVP Vineet Khurana sold 30,430 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $26.36, for a total value of $802,134.80. Following the completion of the transaction, the senior vice president now owns 78,722 shares in the company, valued at approximately $2,075,111.92. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On Kyndryl

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Kyndryl by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 26,038,728 shares of the company’s stock worth $393,185,000 after purchasing an additional 844,205 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Kyndryl by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,666,365 shares of the company’s stock worth $200,873,000 after acquiring an additional 190,062 shares during the last quarter. Greenlight Capital Inc. grew its holdings in Kyndryl by 13.7% during the 4th quarter. Greenlight Capital Inc. now owns 6,356,069 shares of the company’s stock worth $132,079,000 after acquiring an additional 767,943 shares during the last quarter. Deutsche Bank AG grew its holdings in Kyndryl by 1,266.6% during the 3rd quarter. Deutsche Bank AG now owns 4,865,411 shares of the company’s stock worth $73,468,000 after acquiring an additional 4,509,381 shares during the last quarter. Finally, Norges Bank bought a new stake in Kyndryl during the 4th quarter worth about $54,283,000. Institutional investors and hedge funds own 71.53% of the company’s stock.

About Kyndryl

Kyndryl Holdings, Inc operates as a technology services company and IT infrastructure services provider worldwide. The company offers cloud services; core enterprise and zCloud services; application, data, and artificial intelligence services; digital workplace services; security and resiliency services; and network services and edge services.