Conduent (NASDAQ:CNDT) Shares Gap Up to $3.29

Conduent Incorporated (NASDAQ:CNDT) gapped up prior to trading on Wednesday . The stock had previously closed at $3.29, but opened at $3.40. Conduent shares last traded at $3.39, with a volume of 74,298 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CNDT. Noble Financial began coverage on Conduent in a research note on Thursday, March 14th. They set an “outperform” rating and a $9.00 price target on the stock. StockNews.com cut shares of Conduent from a “buy” rating to a “hold” rating in a research note on Tuesday, May 28th.

Conduent Trading Up 1.2 %

The business has a 50 day moving average of $3.48 and a 200 day moving average of $3.44. The firm has a market capitalization of $681.25 million, a price-to-earnings ratio of -3.87 and a beta of 1.52. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.87 and a quick ratio of 1.87.

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

Insider Activity at Conduent

In other Conduent news, major shareholder Carl C. Icahn sold 38,149,336 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.84% of the company’s stock.

Institutional Trading of Conduent

A number of large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its stake in shares of Conduent by 68.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 765,800 shares of the company’s stock worth $2,588,000 after purchasing an additional 310,299 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Conduent by 0.3% in the third quarter. Vanguard Group Inc. now owns 17,422,018 shares of the company’s stock valued at $60,629,000 after buying an additional 48,742 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Conduent by 36.8% during the 4th quarter. SG Americas Securities LLC now owns 75,972 shares of the company’s stock worth $277,000 after acquiring an additional 20,448 shares during the period. NewEdge Wealth LLC acquired a new position in shares of Conduent during the 4th quarter worth approximately $48,000. Finally, JB Capital Partners LP raised its stake in Conduent by 540.0% in the 4th quarter. JB Capital Partners LP now owns 800,000 shares of the company’s stock valued at $2,920,000 after acquiring an additional 675,000 shares during the period. Institutional investors own 77.28% of the company’s stock.

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.