KYNDRYL HOLDINGS INC. $10 is a hold. The company (New York symbol KD; Manufacturing & Industry sector; Shares outstanding: 226.8 million; Market cap: $2.3 billion; No dividends paid; Takeover Target Rating: Medium; www.kyndryl.com) took its current form on November 3, 2021, when International Business Machines Corp. (New York symbol IBM) set up its legacy business, which helorate and government clients manage their datacentres as a separate firm. Investors received one Kyndryl share for every five IBM shares they held. IBM still holds 19.9% of Kyndryl and plans to sell those shares within the next 12 months.
In the quarter ended June 30, 2022, Kyndryl lost $250 million, or $1.11 a share, partly due to costs related to the split from IBM. A year earlier it lost $389 million, or $1.74 a share. Revenue also fell 9.7%, to $4.29 billion from $4.75 billion.
The stock is down over 70% since the split, and will likely remain under pressure until revenue and earnings improve.
Kyndryl is a hold.
hold.
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