Conduent Incorporated (NASDAQ:CNDT) Short Interest Update

Conduent Incorporated (NASDAQ:CNDT) saw a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 3,130,000 shares, an increase of 46.3% from the May 15th total of 2,140,000 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average daily volume of 1,070,000 shares, the short-interest ratio is presently 2.9 days.

Analyst Upgrades and Downgrades

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

Insider Activity at Conduent

In other Conduent news, major shareholder Carl C. Icahn sold 38,149,336 shares of Conduent stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available at the SEC website. 1.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Conduent

Large investors have recently made changes to their positions in the business. Principal Financial Group Inc. boosted its position in shares of Conduent by 39.2% during the third quarter. Principal Financial Group Inc. now owns 25,470 shares of the company’s stock worth $89,000 after acquiring an additional 7,174 shares during the last quarter. Barclays PLC grew its position in shares of Conduent by 18.2% during the third quarter. Barclays PLC now owns 97,081 shares of the company’s stock valued at $338,000 after purchasing an additional 14,928 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Conduent by 113.7% during the third quarter. New York State Common Retirement Fund now owns 83,464 shares of the company’s stock valued at $290,000 after purchasing an additional 44,409 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Conduent by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,813,643 shares of the company’s stock worth $13,271,000 after purchasing an additional 393,334 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Conduent by 42.2% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 111,586 shares of the company’s stock worth $388,000 after buying an additional 33,107 shares in the last quarter. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

Conduent Stock Performance

NASDAQ CNDT traded down $0.08 on Friday, reaching $3.07. 1,203,505 shares of the stock were exchanged, compared to its average volume of 1,308,066. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.54. Conduent has a one year low of $2.40 and a one year high of $4.08. The firm has a market capitalization of $628.06 million, a PE ratio of -3.41 and a beta of 1.53. The company’s 50-day simple moving average is $3.45 and its two-hundred day simple moving average is $3.45.

Conduent (NASDAQ:CNDT) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.06. Conduent had a negative net margin of 5.13% and a negative return on equity of 2.50%. The firm had revenue of $921.00 million for the quarter, compared to the consensus estimate of $896.00 million. Analysts expect that Conduent will post -0.72 EPS for the current fiscal year.

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.