Conduent Inc (NYSE:CNDT) saw a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 10,380,000 shares, an increase of 7.2% from the September 30th total of 9,680,000 shares. Based on an average daily trading volume, of 2,720,000 shares, the days-to-cover ratio is currently 3.8 days. Currently, 5.1% of the shares of the company are short sold.

Shares of CNDT traded up $0.09 during trading hours on Friday, reaching $6.65. The company had a trading volume of 920,866 shares, compared to its average volume of 1,632,059. The firm has a 50 day simple moving average of $6.12 and a 200-day simple moving average of $7.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 6.33 and a beta of 1.83. Conduent has a 12-month low of $5.26 and a 12-month high of $15.48.

Conduent (NYSE:CNDT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.16. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Conduent had a negative net margin of 32.11% and a positive return on equity of 6.33%. The business’s revenue was down 15.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.28 EPS. Sell-side analysts forecast that Conduent will post 0.63 earnings per share for the current year.

A number of brokerages have commented on CNDT. JPMorgan Chase & Co. upgraded shares of Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research report on Friday, August 9th. Citigroup restated a “neutral” rating and set a $7.50 price objective (down previously from $9.00) on shares of Conduent in a research report on Wednesday, August 28th. Zacks Investment Research downgraded shares of Conduent from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Needham & Company LLC set a $9.00 price objective on shares of Conduent and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, ValuEngine downgraded shares of Conduent from a “hold” rating to a “sell” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $10.08.

Institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of Conduent by 342.5% in the 2nd quarter. Parallel Advisors LLC now owns 2,757 shares of the company’s stock valued at $26,000 after purchasing an additional 2,134 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Conduent by 1,014.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,687 shares of the company’s stock valued at $26,000 after acquiring an additional 2,446 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Conduent by 153.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,817 shares of the company’s stock valued at $43,000 after acquiring an additional 4,130 shares in the last quarter. Westside Investment Management Inc. purchased a new position in Conduent during the 2nd quarter valued at about $50,000. Finally, HM Payson & Co. purchased a new position in Conduent during the 2nd quarter valued at about $67,000. Institutional investors and hedge funds own 90.53% of the company’s stock.

About Conduent

Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and Europe. It operates through three segments: Commercial Industries, Government Services, and Transportation. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.

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