Short Interest in Conduent Incorporated (NASDAQ:CNDT) Drops By 5.3%

Conduent Incorporated (NASDAQ:CNDT) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,330,000 shares, a drop of 5.3% from the October 15th total of 2,460,000 shares. Based on an average daily volume of 1,050,000 shares, the short-interest ratio is presently 2.2 days. Currently, 1.6% of the shares of the company are sold short.

Conduent Price Performance

Shares of CNDT opened at $3.69 on Tuesday. The firm has a market capitalization of $589.99 million, a PE ratio of 1.63 and a beta of 1.48. The stock’s 50 day moving average is $3.88 and its two-hundred day moving average is $3.68. Conduent has a twelve month low of $2.77 and a twelve month high of $4.38. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.81.

Conduent (NASDAQ:CNDT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. Conduent had a negative return on equity of 7.94% and a net margin of 12.65%. The firm had revenue of $807.00 million for the quarter, compared to analyst estimates of $817.33 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. Conduent’s quarterly revenue was down 13.4% on a year-over-year basis. Research analysts anticipate that Conduent will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On Conduent

A number of large investors have recently made changes to their positions in CNDT. Renaissance Technologies LLC grew its position in Conduent by 27.7% during the second quarter. Renaissance Technologies LLC now owns 2,393,900 shares of the company’s stock worth $7,804,000 after buying an additional 520,000 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Conduent by 163.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,519,839 shares of the company’s stock worth $6,125,000 after acquiring an additional 942,459 shares in the last quarter. Factorial Partners LLC acquired a new stake in shares of Conduent in the 2nd quarter worth approximately $3,295,000. Panagora Asset Management Inc. increased its stake in Conduent by 25.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 970,758 shares of the company’s stock valued at $3,165,000 after purchasing an additional 194,250 shares in the last quarter. Finally, Redwood Investment Management LLC raised its holdings in Conduent by 9.9% during the first quarter. Redwood Investment Management LLC now owns 955,116 shares of the company’s stock worth $3,228,000 after purchasing an additional 85,843 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.