Conduent Incorporated (NASDAQ:CNDT) Short Interest Up 24.5% in August

Conduent Incorporated (NASDAQ:CNDT) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 2,900,000 shares, an increase of 24.5% from the August 15th total of 2,330,000 shares. Approximately 2.0% of the shares of the company are short sold. Based on an average daily volume of 1,170,000 shares, the short-interest ratio is currently 2.5 days.

Conduent Stock Performance

NASDAQ CNDT opened at $3.84 on Tuesday. The stock has a market cap of $785.60 million, a P/E ratio of -4.27 and a beta of 1.46. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.05. Conduent has a twelve month low of $2.40 and a twelve month high of $4.20. The company’s 50-day simple moving average is $3.67 and its 200 day simple moving average is $3.48.

Conduent (NASDAQ:CNDT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.14. The company had revenue of $811.00 million for the quarter, compared to analyst estimates of $803.33 million. Conduent had a negative return on equity of 7.81% and a net margin of 0.88%. The company’s revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.01 EPS. As a group, research analysts forecast that Conduent will post -0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Point72 DIFC Ltd grew its stake in Conduent by 127.9% during the second quarter. Point72 DIFC Ltd now owns 27,185 shares of the company’s stock worth $89,000 after buying an additional 15,254 shares during the last quarter. Algert Global LLC bought a new stake in Conduent during the 2nd quarter worth approximately $52,000. Mackenzie Financial Corp increased its holdings in Conduent by 642.8% during the 2nd quarter. Mackenzie Financial Corp now owns 82,852 shares of the company’s stock valued at $270,000 after purchasing an additional 71,698 shares in the last quarter. AQR Capital Management LLC raised its position in Conduent by 18.3% in the 2nd quarter. AQR Capital Management LLC now owns 134,256 shares of the company’s stock valued at $438,000 after purchasing an additional 20,735 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in Conduent by 266.7% in the 2nd quarter. Squarepoint Ops LLC now owns 128,068 shares of the company’s stock valued at $418,000 after purchasing an additional 93,143 shares during the last quarter. 77.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.