Conduent Incorporated (NASDAQ:CNDT) Short Interest Update

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

Conduent Stock Performance

Shares of NASDAQ:CNDT traded up $0.01 on Monday, hitting $3.27. The company’s stock had a trading volume of 1,141,914 shares, compared to its average volume of 1,134,339. The stock’s 50-day moving average is $3.45 and its two-hundred day moving average is $3.44. Conduent has a 12 month low of $2.40 and a 12 month high of $4.08. 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 debt-to-equity ratio of 1.54, a quick ratio of 1.87 and a current ratio of 1.87.

Conduent (NASDAQ:CNDT) last announced its earnings results on Wednesday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $921.00 million during the quarter, compared to analysts’ expectations of $896.00 million. On average, equities research analysts forecast that Conduent will post -0.72 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CNDT shares. StockNews.com lowered Conduent from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th. Noble Financial started coverage on Conduent in a research report on Thursday, March 14th. They issued an “outperform” rating and a $9.00 target price on the stock.

Insider Activity at Conduent

In related 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 document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Hsbc Holdings PLC boosted its position in shares of Conduent by 5.8% in the 3rd quarter. Hsbc Holdings PLC now owns 124,397 shares of the company’s stock valued at $433,000 after purchasing an additional 6,847 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Conduent in the 3rd quarter valued at $155,000. Sherbrooke Park Advisers LLC acquired a new position in shares of Conduent in the 3rd quarter valued at $54,000. Rubric Capital Management LP acquired a new position in shares of Conduent in the 3rd quarter valued at $2,905,000. Finally, Vanguard Group Inc. boosted its position in shares of Conduent by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 17,422,018 shares of the company’s stock valued at $60,629,000 after purchasing an additional 48,742 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.