Conduent (NASDAQ:CNDT) Shares Gap Up to $3.74

Conduent Incorporated (NASDAQ:CNDT - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $3.74, but opened at $3.85. Conduent shares last traded at $3.88, with a volume of 65,130 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com downgraded Conduent from a "buy" rating to a "hold" rating in a report on Tuesday, May 28th.

Conduent Trading Up 1.6 %

The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.05. The firm has a market cap of $617.12 million, a P/E ratio of -4.38 and a beta of 1.51. The business's 50 day moving average is $3.59 and its 200-day moving average is $3.46.

Conduent (NASDAQ:CNDT - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. Conduent had a net margin of 0.88% and a negative return on equity of 7.81%. The company had revenue of $811.00 million for the quarter, compared to analysts' expectations of $803.33 million. During the same period in the prior year, the company earned $0.01 earnings per share. The firm's revenue was down 4.7% compared to the same quarter last year. As a group, analysts forecast that Conduent Incorporated will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Carl C. Icahn sold 38,149,336 shares of Conduent stock in a transaction dated Saturday, June 8th. The shares were sold at an average price of $3.47, for a total transaction of $132,378,195.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.84% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position in Conduent by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,979,612 shares of the company's stock worth $14,526,000 after buying an additional 165,969 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of 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 acquiring an additional 520,000 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Conduent by 14.8% in the 4th quarter. Allianz Asset Management GmbH now owns 1,143,039 shares of the company's stock worth $4,172,000 after acquiring an additional 147,244 shares during the last quarter. Factorial Partners LLC acquired a new stake in shares of Conduent during the second quarter worth $3,295,000. Finally, Panagora Asset Management Inc. lifted its holdings in shares of Conduent by 25.0% during the second quarter. Panagora Asset Management Inc. now owns 970,758 shares of the company's stock valued at $3,165,000 after purchasing an additional 194,250 shares during the last quarter. 77.28% of the stock is owned by institutional investors and hedge funds.

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.