Short Interest in Conduent Incorporated (NASDAQ:CNDT) Drops By 15.0%

Conduent Incorporated (NASDAQ:CNDT) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 1,820,000 shares, a decline of 15.0% from the July 15th total of 2,140,000 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average daily trading volume, of 1,260,000 shares, the short-interest ratio is presently 1.4 days.

Conduent Stock Up 0.9 %

CNDT stock traded up $0.03 on Friday, hitting $3.32. 873,911 shares of the company’s stock were exchanged, compared to its average volume of 1,119,444. The firm has a 50 day moving average price of $3.48 and a two-hundred day moving average price of $3.45. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.87 and a current ratio of 1.87. Conduent has a 12-month low of $2.40 and a 12-month high of $4.20. The stock has a market cap of $679.22 million, a P/E ratio of -3.69 and a beta of 1.51.

Conduent (NASDAQ:CNDT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.14. The firm had revenue of $811.00 million for the quarter, compared to the consensus estimate of $803.33 million. Conduent had a negative net margin of 5.13% and a negative return on equity of 2.50%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 earnings per share. As a group, equities research analysts expect that Conduent will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Carl C. Icahn sold 38,149,336 shares of Conduent stock in a transaction on Saturday, June 8th. The stock was sold at an average price of $3.47, for a total value of $132,378,195.92. The sale was disclosed in a filing with the SEC, which is available through this link. 1.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Conduent

Large investors have recently made changes to their positions in the stock. Factorial Partners LLC purchased a new stake in Conduent in the second quarter valued at $3,295,000. JB Capital Partners LP boosted its stake in shares of Conduent by 540.0% in the fourth quarter. JB Capital Partners LP now owns 800,000 shares of the company’s stock worth $2,920,000 after buying an additional 675,000 shares during the last quarter. Ancora Advisors LLC acquired a new stake in Conduent during the first quarter worth about $1,957,000. Renaissance Technologies LLC raised its position in 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 acquiring an additional 520,000 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Conduent by 198.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 763,916 shares of the company’s stock worth $2,582,000 after purchasing an additional 508,012 shares during the period. 77.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Conduent from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th.

Conduent Company Profile

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.