Covestor Ltd Cuts Stake in Kyndryl Holdings, Inc. (NYSE:KD)

Key Points

• Covestor Ltd has reduced its stake in Kyndryl Holdings, Inc. by 28%, selling 11,573 shares, leaving them with 29,788 shares valued at approximately $936,000.
• Insider trading activity includes SVP Vineet Khurana selling 26,451 shares for over $1 million, representing a 26.52% decrease in his ownership.
• Kyndryl's stock was recently trading at $30.71, with a market capitalization of $7.10 billion and a P/E ratio of 25.38, following a quarterly earnings report beating analysts' estimates.

Covestor Ltd decreased its holdings in Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 28.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,788 shares of the company's stock after selling 11,573 shares during the quarter. Kyndryl accounts for approximately 0.6% of Covestor Ltd's holdings, making the stock its 11th biggest position. Covestor Ltd's holdings in Kyndryl were worth $936,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of KD. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Kyndryl by 4.7% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 699,661 shares of the company's stock worth $21,969,000 after acquiring an additional 31,474 shares in the last quarter. Townsquare Capital LLC purchased a new stake in Kyndryl in the 1st quarter worth approximately $4,697,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Kyndryl by 63.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 37,681 shares of the company's stock worth $1,183,000 after acquiring an additional 14,568 shares in the last quarter. Smithfield Trust Co increased its holdings in Kyndryl by 35.5% in the 1st quarter. Smithfield Trust Co now owns 1,953 shares of the company's stock worth $62,000 after acquiring an additional 512 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Kyndryl by 3.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 36,526 shares of the company's stock worth $1,147,000 after acquiring an additional 1,378 shares in the last quarter. Hedge funds and other institutional investors own 71.53% of the company's stock.

Analyst Ratings Changes

KD has been the subject of several recent analyst reports. Wall Street Zen downgraded Kyndryl from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Susquehanna dropped their price target on Kyndryl from $46.00 to $43.00 and set a "positive" rating for the company in a research note on Wednesday, April 23rd. Finally, Oppenheimer upped their price target on Kyndryl from $47.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th.

Kyndryl Price Performance

Shares of NYSE KD traded down $1.54 during midday trading on Monday, reaching $29.15. 4,488,167 shares of the stock traded hands, compared to its average volume of 2,971,300. The company's 50 day moving average is $39.09 and its 200 day moving average is $36.90. Kyndryl Holdings, Inc. has a one year low of $22.01 and a one year high of $44.20. The stock has a market capitalization of $6.74 billion, a PE ratio of 30.09, a P/E/G ratio of 3.34 and a beta of 1.91. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.05 and a quick ratio of 1.05.

Kyndryl (NYSE:KD - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. Kyndryl had a return on equity of 19.88% and a net margin of 1.97%. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the firm posted $0.13 EPS. Kyndryl's quarterly revenue was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that Kyndryl Holdings, Inc. will post 0.73 earnings per share for the current year.

Insiders Place Their Bets

In other Kyndryl news, SVP Vineet Khurana sold 26,451 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $39.14, for a total value of $1,035,292.14. Following the sale, the senior vice president owned 73,278 shares in the company, valued at $2,868,100.92. This trade represents a 26.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by insiders.

Kyndryl 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.