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

Conduent Incorporated (NASDAQ:CNDT) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 2,330,000 shares, a decline of 5.3% from the October 15th total of 2,460,000 shares. Based on an average daily volume of 1,050,000 shares, the days-to-cover ratio is presently 2.2 days. Currently, 1.6% of the company’s stock are sold short.

Conduent Stock Performance

Shares of CNDT opened at $3.56 on Wednesday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.81. The business’s 50 day moving average is $3.88 and its two-hundred day moving average is $3.68. Conduent has a 52-week low of $2.77 and a 52-week high of $4.38. The firm has a market cap of $569.21 million, a price-to-earnings ratio of 1.57 and a beta of 1.48.

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

Institutional Investors Weigh In On Conduent

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC increased its position in shares of Conduent by 233.0% in the third quarter. Barclays PLC now owns 271,923 shares of the company’s stock worth $1,096,000 after acquiring an additional 190,269 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Conduent by 7.8% during the third quarter. Public Employees Retirement System of Ohio now owns 157,607 shares of the company’s stock valued at $635,000 after acquiring an additional 11,464 shares during the period. Jane Street Group LLC boosted its position in shares of Conduent by 59.7% in the third quarter. Jane Street Group LLC now owns 833,861 shares of the company’s stock valued at $3,360,000 after acquiring an additional 311,579 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of Conduent by 163.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,519,839 shares of the company’s stock worth $6,125,000 after purchasing an additional 942,459 shares during the period. Finally, Paloma Partners Management Co bought a new stake in shares of Conduent during the third quarter valued at approximately $100,000. 77.28% of the stock is currently owned by institutional investors.

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.