Conduent (NASDAQ:CNDT) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Conduent (NASDAQ:CNDT) announced its quarterly earnings data on Monday. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.04), FiscalAI reports. The firm had revenue of $723.00 million during the quarter, compared to the consensus estimate of $746.67 million. Conduent had a negative net margin of 5.59% and a negative return on equity of 8.03%.

Conduent Stock Performance

NASDAQ:CNDT traded down $0.06 during midday trading on Monday, reaching $1.71. 796,917 shares of the company traded hands, compared to its average volume of 1,386,871. Conduent has a twelve month low of $1.15 and a twelve month high of $2.98. The firm has a market capitalization of $264.45 million, a price-to-earnings ratio of -1.53 and a beta of 1.43. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.57 and a quick ratio of 1.57. The company has a fifty day moving average price of $1.46 and a 200 day moving average price of $1.75.

Insiders Place Their Bets

In other news, Director Michael Fucci purchased 60,000 shares of the stock in a transaction dated Thursday, February 19th. The stock was acquired at an average price of $1.44 per share, for a total transaction of $86,400.00. Following the completion of the transaction, the director owned 166,102 shares of the company’s stock, valued at approximately $239,186.88. The trade was a 56.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Harshavardhan V. Agadi acquired 117,099 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average cost of $1.56 per share, for a total transaction of $182,674.44. Following the acquisition, the chief executive officer owned 337,099 shares in the company, valued at approximately $525,874.44. This trade represents a 53.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 337,099 shares of company stock valued at $499,974 over the last three months. Company insiders own 1.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC bought a new stake in shares of Conduent during the fourth quarter valued at approximately $460,000. Occudo Quantitative Strategies LP grew its holdings in Conduent by 32.1% in the 4th quarter. Occudo Quantitative Strategies LP now owns 131,160 shares of the company’s stock worth $252,000 after buying an additional 31,851 shares in the last quarter. Millennium Management LLC grew its holdings in Conduent by 52.3% in the 4th quarter. Millennium Management LLC now owns 617,135 shares of the company’s stock worth $1,185,000 after buying an additional 211,970 shares in the last quarter. Moore Capital Management LP increased its position in Conduent by 308.0% in the 4th quarter. Moore Capital Management LP now owns 502,627 shares of the company’s stock valued at $965,000 after acquiring an additional 379,438 shares during the period. Finally, Man Group plc bought a new stake in Conduent during the 4th quarter valued at $97,000. Institutional investors own 77.28% of the company’s stock.

Wall Street Analyst Weigh In

CNDT has been the subject of several research analyst reports. Wall Street Zen raised Conduent from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Weiss Ratings reissued a “sell (d)” rating on shares of Conduent in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

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.