Conduent Incorporated (NASDAQ:CNDT) Short Interest Update

Conduent Incorporated (NASDAQ:CNDT) saw a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 2,850,000 shares, a drop of 8.9% from the May 31st total of 3,130,000 shares. Currently, 1.5% of the company’s shares are sold short. Based on an average daily volume of 1,150,000 shares, the days-to-cover ratio is presently 2.5 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. StockNews.com cut shares of Conduent from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th. Noble Financial assumed coverage on shares of Conduent in a research report on Thursday, March 14th. They issued an “outperform” rating and a $9.00 price objective on the stock.

Insider Buying and Selling

In related news, major shareholder Carl C. Icahn sold 38,149,336 shares of Conduent stock in a transaction on Saturday, June 8th. The shares were sold at an average price of $3.47, for a total value of $132,378,195.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CNDT. Redwood Investment Management LLC increased its holdings in Conduent by 9.9% during the first quarter. Redwood Investment Management LLC now owns 955,116 shares of the company’s stock valued at $3,228,000 after buying an additional 85,843 shares during the last quarter. Ancora Advisors LLC purchased a new stake in Conduent during the first quarter valued at approximately $1,957,000. Jacobs Levy Equity Management Inc. increased its holdings in Conduent by 198.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 763,916 shares of the company’s stock valued at $2,582,000 after buying an additional 508,012 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Conduent by 117.5% during the first quarter. Public Employees Retirement System of Ohio now owns 154,403 shares of the company’s stock valued at $522,000 after buying an additional 83,414 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Conduent by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 134,884 shares of the company’s stock valued at $456,000 after buying an additional 7,890 shares during the last quarter. 77.28% of the stock is owned by hedge funds and other institutional investors.

Conduent Trading Up 0.3 %

Shares of CNDT traded up $0.01 during trading hours on Monday, reaching $3.27. 1,141,914 shares of the company traded hands, compared to its average volume of 1,134,339. The company’s fifty day moving average price is $3.45 and its two-hundred day moving average price is $3.44. The company has a market capitalization of $668.98 million, a price-to-earnings ratio of -3.63 and a beta of 1.52. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.54. Conduent has a 12 month low of $2.40 and a 12 month high of $4.08.

Conduent (NASDAQ:CNDT) last announced its earnings results on Wednesday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. Conduent had a negative net margin of 5.13% and a negative return on equity of 2.50%. The firm had revenue of $921.00 million for the quarter, compared to analyst estimates of $896.00 million. Equities research analysts predict that Conduent will post -0.72 earnings per share for the current fiscal year.

About Conduent

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.