Conduent (NASDAQ:CNDT) Shares Gap Up to $3.57

Conduent Incorporated (NASDAQ:CNDT) gapped up prior to trading on Wednesday . The stock had previously closed at $3.57, but opened at $3.99. Conduent shares last traded at $3.64, with a volume of 282,675 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Conduent from a “buy” rating to a “hold” rating in a report on Tuesday, May 28th.

Conduent Stock Performance

The company has a market capitalization of $711.95 million, a price-to-earnings ratio of -3.97 and a beta of 1.51. The stock has a fifty day moving average price of $3.54 and a two-hundred day moving average price of $3.48. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.54.

Insider Activity at Conduent

In related news, major shareholder Carl C. Icahn sold 38,149,336 shares of the company’s stock in a transaction on Saturday, June 8th. The stock was sold at an average price of $3.47, for a total value of $132,378,195.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.84% of the company’s stock.

Hedge Funds Weigh In On Conduent

Institutional investors have recently added to or reduced their stakes in the business. Guardian Capital LP acquired a new position in Conduent in the first quarter valued at $34,000. HTG Investment Advisors Inc. acquired a new stake in Conduent during the second quarter worth about $37,000. NewEdge Wealth LLC acquired a new stake in Conduent during the fourth quarter worth about $48,000. Vestmark Advisory Solutions Inc. acquired a new stake in Conduent during the fourth quarter worth about $48,000. Finally, Headlands Technologies LLC increased its stake in Conduent by 1,084.3% during the first quarter. Headlands Technologies LLC now owns 14,366 shares of the company’s stock worth $49,000 after acquiring an additional 13,153 shares during the last quarter. 77.28% of the stock is currently owned by institutional investors and hedge funds.

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.