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

Conduent Incorporated (NASDAQ:CNDT) was the target of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 3,720,000 shares, an increase of 25.7% from the November 30th total of 2,960,000 shares. Approximately 2.6% of the company’s shares are short sold. Based on an average trading volume of 1,130,000 shares, the short-interest ratio is currently 3.3 days.

Conduent Price Performance

Conduent stock opened at $4.04 on Tuesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.75 and a current ratio of 1.75. The company has a market capitalization of $645.96 million, a price-to-earnings ratio of 1.78 and a beta of 1.46. The company’s 50 day simple moving average is $3.97 and its 200-day simple moving average is $3.77. Conduent has a 1 year low of $2.96 and a 1 year high of $4.59.

Conduent (NASDAQ:CNDT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. Conduent had a negative return on equity of 7.94% and a net margin of 12.65%. The company had revenue of $807.00 million for the quarter, compared to analysts’ expectations of $817.33 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The firm’s revenue was down 13.4% compared to the same quarter last year. As a group, equities research analysts expect that Conduent will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On Conduent

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Factorial Partners LLC purchased a new position in Conduent in the 2nd quarter valued at approximately $3,295,000. Jacobs Levy Equity Management Inc. boosted its holdings in Conduent by 163.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,519,839 shares of the company’s stock valued at $6,125,000 after purchasing an additional 942,459 shares during the period. Renaissance Technologies LLC grew its stake in Conduent by 27.7% during the 2nd quarter. Renaissance Technologies LLC now owns 2,393,900 shares of the company’s stock worth $7,804,000 after purchasing an additional 520,000 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Conduent by 174.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 513,129 shares of the company’s stock worth $2,068,000 after purchasing an additional 326,118 shares during the period. Finally, Jane Street Group LLC raised its position in Conduent by 59.7% in the 3rd quarter. Jane Street Group LLC now owns 833,861 shares of the company’s stock valued at $3,360,000 after purchasing an additional 311,579 shares in the last quarter. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

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.