Conduent (NASDAQ:CNDT) Trading Up 8.8%

Conduent Incorporated (NASDAQ:CNDT) shares were up 8.8% during trading on Friday . The company traded as high as $3.59 and last traded at $3.59. Approximately 324,398 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,106,123 shares. The stock had previously closed at $3.30.

Analysts Set New Price Targets

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

Conduent Price Performance

The firm has a market capitalization of $730.36 million, a P/E ratio of -4.00 and a beta of 1.51. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.87 and a current ratio of 1.87. The firm has a 50-day moving average of $3.48 and a 200-day moving average of $3.44.

Conduent (NASDAQ:CNDT) last released 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 business had revenue of $811.00 million for the quarter, compared to analysts’ expectations of $803.33 million. Conduent had a negative return on equity of 2.50% and a negative net margin of 5.13%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 EPS. As a group, analysts predict that Conduent Incorporated will post -0.72 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Carl C. Icahn sold 38,149,336 shares of the company’s stock in a transaction on Saturday, June 8th. The shares were 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 Securities & Exchange Commission, which is available at this link. 1.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CNDT. GSA Capital Partners LLP bought a new position in shares of Conduent in the 1st quarter valued at about $724,000. Assenagon Asset Management S.A. lifted its holdings in shares of Conduent by 68.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 765,800 shares of the company’s stock valued at $2,588,000 after acquiring an additional 310,299 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Conduent in the 1st quarter valued at about $276,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Conduent by 198.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 763,916 shares of the company’s stock valued at $2,582,000 after acquiring an additional 508,012 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Conduent by 49.0% in the 1st quarter. BNP Paribas Financial Markets now owns 143,384 shares of the company’s stock valued at $485,000 after acquiring an additional 47,176 shares during the last quarter. Institutional investors own 77.28% of the company’s stock.

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.