Conduent (NASDAQ:CNDT) Shares Gap Up to $3.29

Conduent Incorporated (NASDAQ:CNDT) gapped up prior to trading on Wednesday . The stock had previously closed at $3.29, but opened at $3.40. Conduent shares last traded at $3.39, with a volume of 74,298 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CNDT shares. StockNews.com lowered Conduent from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th. Noble Financial initiated coverage on shares of Conduent in a research note on Thursday, March 14th. They issued an “outperform” rating and a $9.00 target price for the company.

Conduent Stock Performance

The company has a 50 day moving average of $3.48 and a 200 day moving average of $3.44. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.54. The firm has a market cap of $681.25 million, a price-to-earnings ratio of -3.87 and a beta of 1.52.

Conduent (NASDAQ:CNDT) last released its earnings results on Wednesday, May 1st. The company reported ($0.09) EPS for the quarter, beating 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 company had revenue of $921.00 million during the quarter, compared to analysts’ expectations of $896.00 million. As a group, equities research analysts expect that Conduent Incorporated will post -0.72 EPS for the current fiscal year.

Insider Transactions at Conduent

In related news, major shareholder Carl C. Icahn sold 38,149,336 shares of Conduent stock in a transaction dated Saturday, June 8th. The stock was 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 Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Guardian Capital LP acquired a new stake in shares of Conduent during the 1st quarter valued at approximately $34,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Conduent during the fourth quarter worth $36,000. NewEdge Wealth LLC bought a new position in shares of Conduent in the 4th quarter worth about $48,000. Vestmark Advisory Solutions Inc. acquired a new position in shares of Conduent in the 4th quarter valued at about $48,000. Finally, Headlands Technologies LLC boosted its holdings in shares of Conduent by 1,084.3% in the 1st quarter. Headlands Technologies LLC now owns 14,366 shares of the company’s stock valued at $49,000 after buying an additional 13,153 shares during the period. 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.