Conduent Incorporated (NASDAQ:CNDT) Short Interest Update

Conduent Incorporated (NASDAQ:CNDT - Get Free Report) was the recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 2,330,000 shares, a growth of 28.0% from the July 31st total of 1,820,000 shares. Based on an average trading volume of 1,250,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.6% of the company's stock are sold short.

Conduent Stock Performance

Shares of NASDAQ CNDT traded down $0.04 during midday trading on Friday, reaching $3.82. 680,430 shares of the company traded hands, compared to its average volume of 1,142,297. The stock has a 50-day moving average price of $3.57 and a 200 day moving average price of $3.46. The company has a market cap of $620.37 million, a price-to-earnings ratio of -4.24 and a beta of 1.51. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.65 and a quick ratio of 1.65. Conduent has a 52 week low of $2.40 and a 52 week high of $4.20.

Conduent (NASDAQ:CNDT - Get Free Report) last issued its quarterly 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 during the quarter, compared to analyst estimates of $803.33 million. During the same period in the prior year, the business posted $0.01 EPS. The business's revenue for the quarter was down 4.7% compared to the same quarter last year. Sell-side analysts anticipate that Conduent will post -0.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling at Conduent

In other news, major shareholder Carl C. Icahn sold 38,149,336 shares of the company's stock in a transaction dated 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 document filed with the SEC, which is accessible through the SEC website. 1.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Conduent

Several hedge funds have recently modified their holdings of CNDT. Charles Schwab Investment Management Inc. boosted its holdings in Conduent by 4.4% during 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 in 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 currently owned by institutional investors and hedge funds.

About Conduent

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.