Conduent (NASDAQ:CNDT) Shares Gap Up – Here’s Why

Conduent Incorporated (NASDAQ:CNDT) gapped up prior to trading on Friday . The stock had previously closed at $4.05, but opened at $4.24. Conduent shares last traded at $3.98, with a volume of 245,370 shares traded.

Conduent Trading Down 3.2 %

The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.75 and a current ratio of 1.75. The stock has a market capitalization of $626.77 million, a P/E ratio of 1.73 and a beta of 1.48. The stock has a 50-day moving average price of $3.88 and a two-hundred day moving average price of $3.68.

Conduent (NASDAQ:CNDT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $807.00 million for the quarter, compared to analysts’ expectations of $817.33 million. Conduent had a net margin of 12.65% and a negative return on equity of 7.94%. The firm’s revenue for the quarter was down 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.09) earnings per share. On average, research analysts forecast that Conduent Incorporated will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Conduent

Several hedge funds and other institutional investors have recently modified their holdings of CNDT. Renaissance Technologies LLC boosted its position in Conduent by 27.7% during the 2nd quarter. Renaissance Technologies LLC now owns 2,393,900 shares of the company’s stock valued at $7,804,000 after acquiring an additional 520,000 shares in the last quarter. Factorial Partners LLC bought a new stake in shares of Conduent during the second quarter valued at approximately $3,295,000. Jacobs Levy Equity Management Inc. grew its stake in Conduent by 198.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 763,916 shares of the company’s stock worth $2,582,000 after purchasing an additional 508,012 shares during the period. Creative Planning raised its holdings in Conduent by 74.2% in the third quarter. Creative Planning now owns 60,843 shares of the company’s stock worth $245,000 after purchasing an additional 25,912 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its position in 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 buying an additional 194,250 shares during the period. Hedge funds and other institutional investors own 77.28% of the company’s stock.

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.