Conduent (NASDAQ:CNDT) Shares Gap Down Following Weak Earnings

Conduent Incorporated (NASDAQ:CNDT)’s share price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.39, but opened at $3.87. Conduent shares last traded at $4.02, with a volume of 714,970 shares changing hands.

The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.04). Conduent had a negative return on equity of 7.94% and a net margin of 12.65%.

Institutional Trading of Conduent

Several institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in shares of Conduent by 174.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 513,129 shares of the company’s stock valued at $2,068,000 after acquiring an additional 326,118 shares during the period. Barclays PLC raised its position in Conduent by 233.0% in the third quarter. Barclays PLC now owns 271,923 shares of the company’s stock valued at $1,096,000 after purchasing an additional 190,269 shares during the period. Jane Street Group LLC lifted its stake in Conduent by 59.7% during the third quarter. Jane Street Group LLC now owns 833,861 shares of the company’s stock worth $3,360,000 after purchasing an additional 311,579 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Conduent by 10.0% during the third quarter. Franklin Resources Inc. now owns 118,841 shares of the company’s stock worth $477,000 after buying an additional 10,787 shares during the period. Finally, Creative Planning boosted its position in shares of Conduent by 74.2% during the third quarter. Creative Planning now owns 60,843 shares of the company’s stock worth $245,000 after buying an additional 25,912 shares during the period. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

Conduent Price Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 1.75 and a quick ratio of 1.75. The firm has a market capitalization of $658.75 million, a price-to-earnings ratio of 1.81 and a beta of 1.41. The stock has a 50 day moving average price of $4.09 and a two-hundred day moving average price of $3.88.

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.