Bank of America Initiates Coverage on Kyndryl (NYSE:KD)

Bank of America assumed coverage on shares of Kyndryl (NYSE:KD) in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage set a “buy” rating and a $40.00 price target on the stock. Bank of America‘s price objective suggests a potential upside of 21.03% from the stock’s current price.

Kyndryl Stock Performance

KD stock opened at $33.05 on Friday. The stock’s 50 day simple moving average is $24.99 and its 200 day simple moving average is $25.22. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.65. Kyndryl has a 12-month low of $17.64 and a 12-month high of $33.62. The stock has a market capitalization of $7.68 billion, a PE ratio of -84.74, a price-to-earnings-growth ratio of 7.83 and a beta of 1.63.

Institutional Trading of Kyndryl

A number of institutional investors have recently made changes to their positions in KD. FMR LLC lifted its position in Kyndryl by 35.1% during the third quarter. FMR LLC now owns 6,036,908 shares of the company’s stock valued at $138,728,000 after purchasing an additional 1,569,260 shares during the period. Westfield Capital Management Co. LP boosted its stake in shares of Kyndryl by 62.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,259,082 shares of the company’s stock worth $74,894,000 after buying an additional 1,254,208 shares during the last quarter. Cinctive Capital Management LP purchased a new position in shares of Kyndryl in the 3rd quarter worth $20,213,000. Great Lakes Advisors LLC bought a new stake in shares of Kyndryl in the second quarter worth $19,996,000. Finally, Renaissance Technologies LLC increased its position in Kyndryl by 32.3% during the second quarter. Renaissance Technologies LLC now owns 2,765,800 shares of the company’s stock valued at $72,768,000 after acquiring an additional 675,800 shares during the last quarter. Hedge funds and other institutional investors own 71.53% of the company’s stock.

Kyndryl Company Profile

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.