Conduent (NASDAQ:CNDT) Shares Gap Down After Earnings Miss

Conduent Incorporated (NASDAQ:CNDT) shares gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $4.39, but opened at $3.87. Conduent shares last traded at $4.02, with a volume of 714,970 shares traded.

The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.04). Conduent had a negative return on equity of 7.94% and a net margin of 12.65%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CNDT. AQR Capital Management LLC lifted its holdings in Conduent by 18.3% in the second quarter. AQR Capital Management LLC now owns 134,256 shares of the company’s stock valued at $438,000 after acquiring an additional 20,735 shares during 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 period. Assenagon Asset Management S.A. raised its position in Conduent by 9.1% in the third quarter. Assenagon Asset Management S.A. now owns 684,246 shares of the company’s stock valued at $2,758,000 after purchasing an additional 57,183 shares during the period. US Bancorp DE raised its position in Conduent by 1,484.1% in the third quarter. US Bancorp DE now owns 30,352 shares of the company’s stock valued at $122,000 after purchasing an additional 28,436 shares during the period. Finally, Empowered Funds LLC raised its position in Conduent by 5.4% in the third quarter. Empowered Funds LLC now owns 797,654 shares of the company’s stock valued at $3,215,000 after purchasing an additional 40,602 shares during the period. 77.28% of the stock is currently owned by institutional investors and hedge funds.

Conduent Stock Down 8.6 %

The firm has a market cap of $641.80 million, a PE ratio of 1.76 and a beta of 1.41. The business has a 50-day moving average price of $4.09 and a two-hundred day moving average price of $3.88. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.81.

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.