Kyndryl (NYSE:KD) Reaches New 1-Year High – What’s Next?

Shares of Kyndryl Holdings, Inc. (NYSE:KD) hit a new 52-week high on Thursday . The company traded as high as $29.09 and last traded at $29.09, with a volume of 5402 shares. The stock had previously closed at $28.53.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Bank of America began coverage on Kyndryl in a research note on Friday. They set a “buy” rating and a $40.00 price target on the stock. Oppenheimer increased their target price on Kyndryl from $33.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Susquehanna upped their price objective on shares of Kyndryl from $33.00 to $40.00 and gave the stock a “positive” rating in a report on Friday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Kyndryl currently has a consensus rating of “Buy” and an average price target of $33.00.

Kyndryl Stock Up 1.7 %

The firm has a market capitalization of $7.67 billion, a PE ratio of -83.28, a price-to-earnings-growth ratio of 6.76 and a beta of 1.63. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.65. The company’s fifty day simple moving average is $24.78 and its 200 day simple moving average is $25.14.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in Kyndryl by 35.1% in the third quarter. FMR LLC now owns 6,036,908 shares of the company’s stock worth $138,728,000 after buying an additional 1,569,260 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of Kyndryl by 62.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,259,082 shares of the company’s stock valued at $74,894,000 after acquiring an additional 1,254,208 shares in the last quarter. Cinctive Capital Management LP purchased a new position in Kyndryl in the 3rd quarter worth approximately $20,213,000. Great Lakes Advisors LLC bought a new position in Kyndryl in the 2nd quarter valued at approximately $19,996,000. Finally, Renaissance Technologies LLC boosted its stake in Kyndryl by 32.3% during the 2nd quarter. Renaissance Technologies LLC now owns 2,765,800 shares of the company’s stock valued at $72,768,000 after purchasing 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.