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

Conduent Incorporated (NASDAQ:CNDT) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 2,600,000 shares, a growth of 11.6% from the October 31st total of 2,330,000 shares. Currently, 1.8% of the shares of the company are sold short. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is currently 2.4 days.

Conduent Stock Performance

Conduent stock traded up $0.36 during trading hours on Monday, reaching $4.09. 818,429 shares of the company were exchanged, compared to its average volume of 1,099,532. The firm has a market cap of $653.95 million, a price-to-earnings ratio of 1.75 and a beta of 1.48. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.81. The stock has a 50-day moving average of $3.86 and a 200 day moving average of $3.67. Conduent has a 12 month low of $2.96 and a 12 month high of $4.38.

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

Institutional Investors Weigh In On Conduent

Several hedge funds have recently modified their holdings of the business. ClariVest Asset Management LLC boosted its position in shares of Conduent by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 195,628 shares of the company’s stock valued at $638,000 after acquiring an additional 5,464 shares during the period. Diversified Trust Co boosted its position in shares of Conduent by 12.4% in the second quarter. Diversified Trust Co now owns 57,156 shares of the company’s stock valued at $186,000 after acquiring an additional 6,290 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Conduent by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 134,884 shares of the company’s stock valued at $456,000 after acquiring an additional 7,890 shares during the period. Franklin Resources Inc. raised its stake in shares of Conduent by 10.0% in the third quarter. Franklin Resources Inc. now owns 118,841 shares of the company’s stock valued at $477,000 after purchasing an additional 10,787 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Conduent by 7.8% in the third quarter. Public Employees Retirement System of Ohio now owns 157,607 shares of the company’s stock valued at $635,000 after purchasing an additional 11,464 shares in the last quarter. 77.28% of the stock is owned by 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.