Conduent Incorporated (NASDAQ:CNDT) Short Interest Up 11.6% in November

Conduent Incorporated (NASDAQ:CNDT) saw a large growth in short interest in November. As of November 15th, there was short interest totalling 2,600,000 shares, a growth of 11.6% from the October 31st total of 2,330,000 shares. Approximately 1.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,080,000 shares, the short-interest ratio is presently 2.4 days.

Conduent Price Performance

Shares of CNDT traded down $0.06 during midday trading on Tuesday, reaching $4.08. The stock had a trading volume of 1,061,009 shares, compared to its average volume of 1,104,456. Conduent has a 52 week low of $2.96 and a 52 week high of $4.38. 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’s 50 day moving average price is $3.87 and its 200-day moving average price is $3.67. The company has a market capitalization of $652.35 million, a P/E ratio of 1.76 and a beta of 1.46.

Conduent (NASDAQ:CNDT) last issued its earnings results on Wednesday, November 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 negative return on equity of 7.94% and a net margin of 12.65%. The company’s quarterly revenue was down 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) EPS. On average, analysts forecast that Conduent will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CNDT. Factorial Partners LLC purchased a new position in shares of Conduent during the second quarter valued at $3,295,000. Jacobs Levy Equity Management Inc. grew its holdings in shares of Conduent by 163.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,519,839 shares of the company’s stock valued at $6,125,000 after buying an additional 942,459 shares in the last quarter. Renaissance Technologies LLC grew its stake in Conduent by 27.7% in the second quarter. Renaissance Technologies LLC now owns 2,393,900 shares of the company’s stock valued at $7,804,000 after purchasing an additional 520,000 shares in the last quarter. Jane Street Group LLC lifted 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 worth $3,360,000 after buying an additional 311,579 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its position in shares of Conduent by 25.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 970,758 shares of the company’s stock worth $3,165,000 after purchasing an additional 194,250 shares during the last quarter. 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.