Conduent Incorporated (NASDAQ:CNDT) Sees Large Increase in Short Interest

Conduent Incorporated (NASDAQ:CNDT) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 2,600,000 shares, a growth of 11.6% from the October 31st total of 2,330,000 shares. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.8% of the shares of the company are short sold.

Institutional Trading of Conduent

Several large investors have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its holdings in Conduent by 27.7% in the second quarter. Renaissance Technologies LLC now owns 2,393,900 shares of the company’s stock valued at $7,804,000 after acquiring an additional 520,000 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Conduent by 163.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,519,839 shares of the company’s stock valued at $6,125,000 after acquiring an additional 942,459 shares during the last quarter. Factorial Partners LLC bought a new position in Conduent in the second quarter valued at about $3,295,000. Panagora Asset Management Inc. boosted its holdings in Conduent by 25.0% in the second quarter. Panagora Asset Management Inc. now owns 970,758 shares of the company’s stock valued at $3,165,000 after acquiring an additional 194,250 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in Conduent by 59.7% in the third quarter. Jane Street Group LLC now owns 833,861 shares of the company’s stock valued at $3,360,000 after acquiring an additional 311,579 shares during the last quarter. Institutional investors own 77.28% of the company’s stock.

Conduent Stock Performance

Shares of NASDAQ CNDT traded up $0.36 during trading hours on Monday, reaching $4.09. The stock had a trading volume of 818,429 shares, compared to its average volume of 1,099,532. The business’s fifty day moving average is $3.86 and its two-hundred day moving average is $3.67. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.75 and a quick ratio of 1.75. The company has a market cap of $653.95 million, a price-to-earnings ratio of 1.75 and a beta of 1.48. Conduent has a twelve month low of $2.96 and a twelve month high of $4.38.

Conduent (NASDAQ:CNDT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $817.33 million. During the same period in the prior year, the company posted ($0.09) earnings per share. The business’s revenue for the quarter was down 13.4% compared to the same quarter last year. As a group, research analysts expect that Conduent will post -0.45 EPS for the current year.

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.