Conduent (NASDAQ:CNDT) Trading Down 2% – Here’s What Happened

Conduent Inc. (NASDAQ:CNDT)’s share price traded down 2% on Thursday . The company traded as low as $1.4850 and last traded at $1.50. 586,474 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 1,249,078 shares. The stock had previously closed at $1.53.

Analysts Set New Price Targets

A number of brokerages recently commented on CNDT. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Conduent in a report on Monday, April 20th. Wall Street Zen raised Conduent from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, Noble Financial upgraded Conduent to a “strong-buy” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Conduent has a consensus rating of “Buy”.

Conduent Stock Up 1.3%

The company has a 50-day simple moving average of $1.54 and a 200-day simple moving average of $1.56. The firm has a market cap of $235.75 million, a PE ratio of -1.49 and a beta of 1.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.59 and a quick ratio of 1.59.

Conduent (NASDAQ:CNDT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.12. Conduent had a negative return on equity of 7.08% and a negative net margin of 5.04%.The firm had revenue of $723.00 million for the quarter, compared to the consensus estimate of $746.67 million. Analysts expect that Conduent Inc. will post -0.29 earnings per share for the current fiscal year.

Institutional Trading of Conduent

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Conduent by 35.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,116,277 shares of the company’s stock worth $13,663,000 after purchasing an additional 1,854,266 shares during the last quarter. Miller Value Partners LLC lifted its holdings in Conduent by 38.5% during the 4th quarter. Miller Value Partners LLC now owns 5,583,385 shares of the company’s stock valued at $10,720,000 after buying an additional 1,552,560 shares in the last quarter. AQR Capital Management LLC boosted its position in Conduent by 136.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,750,748 shares of the company’s stock valued at $4,622,000 after buying an additional 1,010,373 shares during the period. Armistice Capital LLC purchased a new stake in Conduent in the 2nd quarter valued at about $2,207,000. Finally, Russell Investments Group Ltd. grew its stake in Conduent by 179.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 994,644 shares of the company’s stock worth $2,785,000 after acquiring an additional 638,338 shares in the last quarter. 77.28% of the stock is currently owned by institutional investors.

Conduent Company Profile

Conduent Incorporated is a global provider of diversified business process services with a focus on delivering digital platforms and automation solutions. The company serves clients across a variety of industries including healthcare, transportation, public sector, financial services and human resources. By combining technology-enabled services with data analytics and artificial intelligence, Conduent helps organizations streamline operations, enhance customer experiences and improve overall efficiency.

Key offerings from Conduent encompass customer engagement and transaction processing, digital payment solutions, eligibility and enrollment services for health and welfare programs, and workforce management tools.