Conduent (NASDAQ:CNDT) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Conduent Incorporated (NASDAQ:CNDT) saw an uptick in trading volume on Tuesday . 797,796 shares changed hands during mid-day trading, a decline of 27% from the previous session’s volume of 1,088,117 shares.The stock last traded at $3.80 and had previously closed at $3.79.

Conduent Price Performance

The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.65 and a current ratio of 1.65. The company has a market cap of $752.87 million, a price-to-earnings ratio of -4.09 and a beta of 1.47. The business has a fifty day moving average price of $3.80 and a 200 day moving average price of $3.59.

Conduent (NASDAQ:CNDT) last issued its earnings results on Wednesday, August 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.14. The firm had revenue of $811.00 million during the quarter, compared to the consensus estimate of $803.33 million. Conduent had a negative return on equity of 7.81% and a net margin of 0.88%. During the same quarter in the previous year, the firm earned $0.01 earnings per share. The business’s quarterly revenue was down 4.7% on a year-over-year basis. As a group, research analysts anticipate that Conduent Incorporated will post -0.53 earnings per share for the current year.

Hedge Funds Weigh In On Conduent

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNDT. Assenagon Asset Management S.A. increased its holdings in shares of Conduent by 9.1% during the third quarter. Assenagon Asset Management S.A. now owns 684,246 shares of the company’s stock worth $2,758,000 after buying an additional 57,183 shares in the last quarter. Creative Planning raised its position in Conduent by 74.2% in the third quarter. Creative Planning now owns 60,843 shares of the company’s stock valued at $245,000 after purchasing an additional 25,912 shares during the last quarter. Point72 DIFC Ltd boosted its stake in shares of Conduent by 127.9% during the second quarter. Point72 DIFC Ltd now owns 27,185 shares of the company’s stock valued at $89,000 after purchasing an additional 15,254 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Conduent during the second quarter valued at about $52,000. Finally, Mackenzie Financial Corp grew its holdings in shares of Conduent by 642.8% during the second quarter. Mackenzie Financial Corp now owns 82,852 shares of the company’s stock worth $270,000 after purchasing an additional 71,698 shares during the last quarter. 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.