Kyndryl (NYSE:KD) Coverage Initiated by Analysts at Bank of America

Analysts at Bank of America assumed coverage on shares of Kyndryl (NYSE:KD) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $40.00 price target on the stock. Bank of America‘s target price would indicate a potential upside of 23.15% from the stock’s previous close.

Kyndryl Stock Up 13.8 %

Shares of KD opened at $32.48 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.65. The stock’s 50 day moving average is $24.59 and its two-hundred day moving average is $25.09. The firm has a market cap of $7.54 billion, a P/E ratio of -83.28, a PEG ratio of 6.76 and a beta of 1.63. Kyndryl has a 12 month low of $17.64 and a 12 month high of $33.26.

Institutional Trading of Kyndryl

A number of institutional investors have recently made changes to their positions in KD. FMR LLC boosted its stake in shares of 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 acquiring an additional 1,569,260 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Kyndryl by 62.6% in the third quarter. Westfield Capital Management Co. LP now owns 3,259,082 shares of the company’s stock worth $74,894,000 after acquiring an additional 1,254,208 shares during the last quarter. Cinctive Capital Management LP acquired a new position in Kyndryl during the third quarter worth $20,213,000. Great Lakes Advisors LLC acquired a new position in Kyndryl during the second quarter worth $19,996,000. Finally, Renaissance Technologies LLC boosted its stake in Kyndryl by 32.3% during the second quarter. Renaissance Technologies LLC now owns 2,765,800 shares of the company’s stock worth $72,768,000 after buying an additional 675,800 shares during the last quarter. 71.53% of the stock is owned by institutional investors and hedge funds.

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.