Conduent (NASDAQ:CNDT) Shares Gap Up to $3.06

Conduent Incorporated (NASDAQ:CNDT) gapped up before the market opened on Monday . The stock had previously closed at $3.06, but opened at $3.22. Conduent shares last traded at $3.16, with a volume of 683,642 shares.

Analyst Upgrades and Downgrades

CNDT has been the subject of several research reports. Noble Financial initiated coverage on shares of Conduent in a report on Thursday, March 14th. They issued an “outperform” rating and a $9.00 target price for the company. StockNews.com lowered shares of Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th.

Conduent Stock Performance

The stock has a market capitalization of $688.51 million, a P/E ratio of -2.36 and a beta of 1.59. The company’s 50-day moving average is $3.29 and its two-hundred day moving average is $3.29. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 1.97.

Conduent (NASDAQ:CNDT) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). The company had revenue of $953.00 million for the quarter, compared to analyst estimates of $930.00 million. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.01 EPS. As a group, sell-side analysts anticipate that Conduent Incorporated will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CNDT. Vanguard Group Inc. boosted its position in Conduent by 0.3% during the third quarter. Vanguard Group Inc. now owns 17,422,018 shares of the company’s stock worth $60,629,000 after purchasing an additional 48,742 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Conduent by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,979,612 shares of the company’s stock valued at $14,526,000 after purchasing an additional 165,969 shares in the last quarter. AMH Equity Ltd raised its stake in Conduent by 7.4% in the fourth quarter. AMH Equity Ltd now owns 1,600,000 shares of the company’s stock valued at $5,840,000 after purchasing an additional 110,000 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Conduent by 14.8% during the fourth quarter. Allianz Asset Management GmbH now owns 1,143,039 shares of the company’s stock worth $4,172,000 after acquiring an additional 147,244 shares in the last quarter. Finally, Rubric Capital Management LP bought a new stake in shares of Conduent during the third quarter worth about $2,905,000. Institutional investors own 77.28% of the company’s stock.

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.