Conduent Incorporated (NASDAQ:CNDT) Short Interest Up 23.6% in October

Conduent Incorporated (NASDAQ:CNDT) saw a significant increase in short interest in October. As of October 15th, there was short interest totalling 2,460,000 shares, an increase of 23.6% from the September 30th total of 1,990,000 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average daily volume of 1,050,000 shares, the days-to-cover ratio is currently 2.3 days.

Conduent Price Performance

CNDT stock traded up $0.03 during trading on Wednesday, hitting $3.67. 836,138 shares of the company’s stock traded hands, compared to its average volume of 1,090,415. Conduent has a 52 week low of $2.40 and a 52 week high of $4.22. The stock has a market capitalization of $596.00 million, a price-to-earnings ratio of 17.33 and a beta of 1.47. The business has a fifty day simple moving average of $3.82 and a 200 day simple moving average of $3.60. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.65 and a current ratio of 1.65.

Conduent (NASDAQ:CNDT) last released its quarterly 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. Conduent had a negative return on equity of 7.81% and a net margin of 0.88%. The company had revenue of $811.00 million during the quarter, compared to analyst estimates of $803.33 million. During the same quarter last year, the business posted $0.01 earnings per share. The firm’s revenue was down 4.7% on a year-over-year basis. As a group, research analysts expect that Conduent will post -0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Conduent

Several large investors have recently modified their holdings of CNDT. GSA Capital Partners LLP bought a new position in Conduent during the first quarter valued at $724,000. Susquehanna Fundamental Investments LLC bought a new stake in Conduent in the first quarter worth about $276,000. Renaissance Technologies LLC boosted its position in shares of Conduent by 27.7% during the second quarter. Renaissance Technologies LLC now owns 2,393,900 shares of the company’s stock valued at $7,804,000 after buying an additional 520,000 shares during the period. Factorial Partners LLC bought a new position in shares of Conduent during the second quarter valued at approximately $3,295,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Conduent by 198.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 763,916 shares of the company’s stock worth $2,582,000 after buying an additional 508,012 shares during the period. Institutional investors own 77.28% of the company’s stock.

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.