Conduent Incorporated (NASDAQ:CNDT) Sees Significant Decrease in Short Interest

Conduent Incorporated (NASDAQ:CNDT) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 2,540,000 shares, a drop of 10.9% from the June 15th total of 2,850,000 shares. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.4% of the shares of the company are sold short.

Insider Buying and Selling at Conduent

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

Institutional Trading of Conduent

Several hedge funds and other institutional investors have recently bought and sold shares of CNDT. Guardian Capital LP acquired a new position in shares of Conduent during the 1st quarter worth approximately $34,000. Dynamic Advisor Solutions LLC acquired a new stake in Conduent during the fourth quarter worth approximately $36,000. NewEdge Wealth LLC bought a new position in Conduent during the 4th quarter worth $48,000. Vestmark Advisory Solutions Inc. acquired a new position in Conduent in the 4th quarter valued at $48,000. Finally, Headlands Technologies LLC lifted its position in shares of Conduent by 1,084.3% during the 1st quarter. Headlands Technologies LLC now owns 14,366 shares of the company’s stock valued at $49,000 after acquiring an additional 13,153 shares during the period. Institutional investors and hedge funds own 77.28% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Conduent from a “buy” rating to a “hold” rating in a research note on Tuesday, May 28th.

Conduent Stock Performance

Shares of NASDAQ CNDT traded up $0.02 during trading hours on Wednesday, reaching $3.98. 1,103,682 shares of the stock were exchanged, compared to its average volume of 1,115,842. The firm has a market capitalization of $814.23 million, a price-to-earnings ratio of -4.42 and a beta of 1.52. The stock’s fifty day simple moving average is $3.47 and its 200 day simple moving average is $3.44. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.87 and a current ratio of 1.87. Conduent has a 52 week low of $2.40 and a 52 week high of $4.08.

Conduent (NASDAQ:CNDT) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.06. Conduent had a negative return on equity of 2.50% and a negative net margin of 5.13%. The firm had revenue of $921.00 million for the quarter, compared to analysts’ expectations of $896.00 million. Sell-side analysts predict that Conduent will post -0.72 EPS for the current year.

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.