Conduent (NASDAQ:CNDT) Shares Gap Up – Here’s What Happened

Conduent Incorporated (NASDAQ:CNDT)’s share price gapped up before the market opened on Friday . The stock had previously closed at $4.05, but opened at $4.24. Conduent shares last traded at $3.98, with a volume of 245,370 shares traded.

Conduent Stock Down 3.2 %

The stock has a market cap of $626.77 million, a price-to-earnings ratio of 1.78 and a beta of 1.48. The firm’s 50 day moving average is $3.88 and its two-hundred day moving average is $3.67. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.81.

Conduent (NASDAQ:CNDT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $807.00 million for the quarter, compared to the consensus estimate of $817.33 million. Conduent had a net margin of 12.65% and a negative return on equity of 7.94%. The company’s quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. On average, sell-side analysts predict that Conduent Incorporated will post -0.45 EPS for the current year.

Hedge Funds Weigh In On Conduent

Several institutional investors have recently added to or reduced their stakes in CNDT. Guardian Capital LP acquired a new position in shares of Conduent during the 1st quarter valued at about $34,000. HTG Investment Advisors Inc. acquired a new position in Conduent during the second quarter worth approximately $37,000. Headlands Technologies LLC raised its stake in Conduent by 1,084.3% during the first quarter. Headlands Technologies LLC now owns 14,366 shares of the company’s stock worth $49,000 after purchasing an additional 13,153 shares during the period. Algert Global LLC acquired a new position in shares of Conduent in the 2nd quarter valued at $52,000. Finally, Williams & Novak LLC purchased a new stake in shares of Conduent during the 2nd quarter valued at $65,000. 77.28% of the stock is currently owned by institutional investors and hedge funds.

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.