Short Interest in Conduent Incorporated (NASDAQ:CNDT) Grows By 28.0%

Conduent Incorporated (NASDAQ:CNDT) was the target of a large increase in short interest in August. As of August 15th, there was short interest totalling 2,330,000 shares, an increase of 28.0% from the July 31st total of 1,820,000 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average trading volume of 1,250,000 shares, the short-interest ratio is currently 1.9 days.

Analyst Upgrades and Downgrades

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

Conduent Price Performance

NASDAQ:CNDT traded down $0.04 on Friday, reaching $3.82. The stock had a trading volume of 680,430 shares, compared to its average volume of 1,142,297. The company has a market capitalization of $620.37 million, a P/E ratio of -4.24 and a beta of 1.51. Conduent has a 1-year low of $2.40 and a 1-year high of $4.20. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.05. The stock has a fifty day moving average price of $3.57 and a 200-day moving average price of $3.46.

Conduent (NASDAQ:CNDT) last announced its earnings results on Wednesday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. Conduent had a net margin of 0.88% and a negative return on equity of 7.81%. The company had revenue of $811.00 million during the quarter, compared to the consensus estimate of $803.33 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The company’s revenue was down 4.7% on a year-over-year basis. Research analysts forecast that Conduent will post -0.53 EPS for the current year.

Insider Activity

In other news, major shareholder Carl C. Icahn sold 38,149,336 shares of Conduent stock in a transaction dated Saturday, June 8th. The shares were sold at an average price of $3.47, for a total transaction of $132,378,195.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Conduent

Institutional investors have recently modified their holdings of the stock. Guardian Capital LP bought a new stake in shares of Conduent during the first quarter worth approximately $34,000. HTG Investment Advisors Inc. bought a new stake in shares of Conduent during the second quarter worth approximately $37,000. Vestmark Advisory Solutions Inc. bought a new stake in shares of Conduent during the fourth quarter worth approximately $48,000. Headlands Technologies LLC increased its stake in Conduent by 1,084.3% in the first quarter. Headlands Technologies LLC now owns 14,366 shares of the company’s stock valued at $49,000 after purchasing an additional 13,153 shares in the last quarter. Finally, Algert Global LLC bought a new stake in Conduent in the second quarter valued at approximately $52,000. 77.28% of the stock is owned by institutional investors.

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.