Conduent (NASDAQ:CNDT) Shares Up 6.8% – Here’s What Happened

Conduent Inc. (NASDAQ:CNDT) was up 6.8% during mid-day trading on Monday . The stock traded as high as $2.07 and last traded at $2.03. Approximately 1,384,572 shares traded hands during mid-day trading, an increase of 29% from the average daily volume of 1,077,005 shares. The stock had previously closed at $1.90.

Analysts Set New Price Targets

CNDT has been the topic of several analyst reports. Wall Street Zen cut shares of Conduent from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Conduent in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Conduent Trading Up 6.8%

The company has a debt-to-equity ratio of 0.97, a current ratio of 1.64 and a quick ratio of 1.64. The firm has a market cap of $310.37 million, a price-to-earnings ratio of -2.07, a price-to-earnings-growth ratio of 47.50 and a beta of 1.31. The firm’s fifty day moving average is $2.01 and its 200-day moving average is $2.45.

Conduent (NASDAQ:CNDT) last issued its quarterly earnings results on Friday, November 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The business had revenue of $767.00 million for the quarter, compared to analyst estimates of $792.00 million. Conduent had a negative return on equity of 8.74% and a negative net margin of 4.85%.The business’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.14) earnings per share. Equities analysts anticipate that Conduent Inc. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Conduent

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new stake in shares of Conduent during the 1st quarter worth approximately $1,117,000. AQR Capital Management LLC boosted its stake in Conduent by 106.7% during the first quarter. AQR Capital Management LLC now owns 740,375 shares of the company’s stock worth $1,999,000 after acquiring an additional 382,191 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Conduent by 0.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,962,919 shares of the company’s stock worth $5,300,000 after purchasing an additional 11,428 shares during the period. Caxton Associates LLP bought a new stake in Conduent in the first quarter valued at $249,000. Finally, Empowered Funds LLC increased its stake in Conduent by 3.0% in the first quarter. Empowered Funds LLC now owns 864,190 shares of the company’s stock valued at $2,333,000 after purchasing an additional 25,515 shares in the last quarter. 77.28% of the stock is currently owned by institutional investors.

About Conduent

Conduent Incorporated is a global provider of diversified business process services with a focus on delivering digital platforms and automation solutions. The company serves clients across a variety of industries including healthcare, transportation, public sector, financial services and human resources. By combining technology-enabled services with data analytics and artificial intelligence, Conduent helps organizations streamline operations, enhance customer experiences and improve overall efficiency.

Key offerings from Conduent encompass customer engagement and transaction processing, digital payment solutions, eligibility and enrollment services for health and welfare programs, and workforce management tools.