Top 5 Stocks Billionaire David Einhorn Just Added to His Portfolio

2. Kyndryl Holdings, Inc. (NYSE:KD)

Value of Greenlight Capital‘s 13F Position: $16.7 million

Number of Hedge Fund Shareholders: 27

27 hedge funds were long Kyndryl Holdings Inc (NYSE:KD) on December 31, including David Einhorn’s Greenlight Capital, which owned 922,400 shares. KD shares have lost 31% of their value so far in 2022.

Kyndryl Holdings Inc (NYSE:KD) went public in the fourth quarter after being spun off from International Business Machines Corporation (NYSE:IBM). IBM shareholders received tax-free KD shares from the spinoff, though nearly half of IBM’s shareholders in our database didn’t bother holding on to their new KD positions. Interestingly, Greenlight Capital went out of its way to buy into KD, as it was not an IBM shareholder at the time of the spinoff.

That’s somewhat surprising given that Kyndryl Holdings Inc (NYSE:KD) appears to have limited growth prospects and has been unmercifully trounced by the market since making its debut. The provider of enterprise IT infrastructure services may actually see revenue decline through 2024 according to Evercore ISI analyst David Togut, after which it may be poised for modest single digit organic growth beginning in 2025.