Good Results Lifted Kyndryl Holdings (KD) in Q2

Greenlight Capital, an investment management firm, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Greenlight Capital funds returned 2.8% net of fees and expenses, compared to 4.3% for the S&P 500 index. The longs in the portfolio underperformed the S&P 500 and the shorts outperformed the inverse of the S&P 500. However, the portfolio maintained a neutral net long exposure of about 40%. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Greenlight Capital highlighted stocks like Kyndryl Holdings, Inc. (NYSE:KD) in the second quarter 2024 investor letter. Kyndryl Holdings, Inc. (NYSE:KD) is a technology services company and IT infrastructure services provider. The one-month return of Kyndryl Holdings, Inc. (NYSE:KD) was -12.50%, and its shares gained 47.41% of their value over the last 52 weeks. On August 23, 2024, Kyndryl Holdings, Inc. (NYSE:KD) stock closed at $23.94 per share with a market capitalization of $5.535 billion.

Greenlight Capital stated the following regarding Kyndryl Holdings, Inc. (NYSE:KD) in its Q2 2024 investor letter:

“In addition to gold, we had four material winners in our long portfolio this quarter. Kyndryl Holdings, Inc. (NYSE:KD) rose from $21.76 to $26.31. The company had another good report, with results and guidance exceeding expectations on all key metrics. KD also pulled forward its target to achieve constant currency revenue growth, now starting in the fourth quarter of the current fiscal year.”

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Kyndryl Holdings, Inc. (NYSE:KD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Kyndryl Holdings, Inc. (NYSE:KD) at the end of the second quarter which was 31 in the previous quarter. In the quarter, Kyndryl Holdings, Inc.’s (NYSE:KD) revenue totaled $3.7 billion, an 8% decline in constant currency. While we acknowledge the potential of Kyndryl Holdings, Inc. (NYSE:KD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Kyndryl Holdings, Inc. (NYSE:KD) and shared the list of best affordable tech stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.