Conduent Incorporated (NASDAQ:CNDT) Sees Significant Increase in Short Interest

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

Conduent Price Performance

CNDT stock traded down $0.08 during trading on Friday, reaching $3.07. 1,203,505 shares of the stock were exchanged, compared to its average volume of 1,308,066. The business has a 50 day moving average price of $3.45 and a 200-day moving average price of $3.45. Conduent has a 1 year low of $2.40 and a 1 year high of $4.08. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.87 and a quick ratio of 1.87.

Conduent (NASDAQ:CNDT) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. The firm had revenue of $921.00 million for the quarter, compared to analysts’ expectations of $896.00 million. Conduent had a negative return on equity of 2.50% and a negative net margin of 5.13%. On average, sell-side analysts expect that Conduent will post -0.72 earnings per share for the current year.

Insider Buying and Selling at Conduent

In related news, major shareholder Carl C. Icahn sold 38,149,336 shares of the business’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.84% of the company’s stock.

Hedge Funds Weigh In On Conduent

A number of hedge funds have recently modified their holdings of the business. Guardian Capital LP purchased a new position in Conduent during the first quarter worth about $34,000. Dynamic Advisor Solutions LLC purchased a new stake in Conduent in the fourth quarter valued at approximately $36,000. NewEdge Wealth LLC acquired a new position in Conduent during the fourth quarter worth $48,000. Vestmark Advisory Solutions Inc. purchased a new position in shares of Conduent during the fourth quarter worth $48,000. Finally, Headlands Technologies LLC grew its stake in shares of Conduent by 1,084.3% in the first quarter. Headlands Technologies LLC now owns 14,366 shares of the company’s stock valued at $49,000 after buying an additional 13,153 shares in the last quarter. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.