Conduent (NASDAQ:CNDT) Shares Gap Down to $4.16

Conduent Incorporated (NASDAQ:CNDT) gapped down prior to trading on Monday . The stock had previously closed at $4.16, but opened at $4.07. Conduent shares last traded at $4.14, with a volume of 35,488 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Conduent from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th.

Conduent Stock Performance

The company has a debt-to-equity ratio of 1.54, a current ratio of 1.87 and a quick ratio of 1.87. The company has a 50 day simple moving average of $3.50 and a 200-day simple moving average of $3.46. The stock has a market cap of $836.73 million, a P/E ratio of -4.62 and a beta of 1.52.

Conduent (NASDAQ:CNDT) last released 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 return on equity of 2.50% and a negative net margin of 5.13%. The company had revenue of $921.00 million during the quarter, compared to analyst estimates of $896.00 million. On average, equities analysts expect that Conduent Incorporated will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Conduent news, major shareholder Carl C. Icahn sold 38,149,336 shares of the company’s stock in a transaction that occurred on Saturday, June 8th. The stock was sold at an average price of $3.47, for a total transaction of $132,378,195.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.84% of the company’s stock.

Institutional Trading of Conduent

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JB Capital Partners LP lifted its position 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 in the last quarter. Ancora Advisors LLC bought a new position in Conduent in the 1st quarter worth $1,957,000. Jacobs Levy Equity Management Inc. raised its holdings in Conduent by 198.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 763,916 shares of the company’s stock worth $2,582,000 after purchasing an additional 508,012 shares during the period. Assenagon Asset Management S.A. raised its holdings in Conduent by 68.1% in 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 period. Finally, Atalaya Capital Management LP increased its stake in Conduent by 38.2% in the 4th quarter. Atalaya Capital Management LP now owns 799,465 shares of the company’s stock worth $2,918,000 after buying an additional 220,880 shares in the last quarter. Hedge funds and other institutional investors own 77.28% of the company’s stock.

Conduent Company Profile

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.