Conduent (NASDAQ:CNDT) Issues Quarterly Earnings Results

Conduent (NASDAQ:CNDT) announced its earnings results on Monday. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.01), FiscalAI reports. Conduent had a negative return on equity of 7.08% and a negative net margin of 5.04%.The firm had revenue of $395.00 million during the quarter, compared to the consensus estimate of $702.00 million.

Conduent Stock Performance

Shares of NASDAQ CNDT opened at $1.70 on Monday. The company has a 50 day simple moving average of $1.52 and a two-hundred day simple moving average of $1.51. The stock has a market cap of $263.67 million, a price-to-earnings ratio of -1.67 and a beta of 1.44. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 1.09. Conduent has a 12 month low of $1.15 and a 12 month high of $2.98.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position in Conduent by 35.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,116,277 shares of the company’s stock valued at $13,663,000 after buying an additional 1,854,266 shares during the period. AQR Capital Management LLC increased its holdings in Conduent by 136.5% in the second quarter. AQR Capital Management LLC now owns 1,750,748 shares of the company’s stock valued at $4,622,000 after buying an additional 1,010,373 shares in the last quarter. Armistice Capital LLC acquired a new position in shares of Conduent in the second quarter worth about $2,207,000. Russell Investments Group Ltd. boosted its stake in shares of Conduent by 179.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 994,644 shares of the company’s stock worth $2,785,000 after acquiring an additional 638,338 shares in the last quarter. Finally, Moore Capital Management LP boosted its stake in shares of Conduent by 308.0% during the 4th quarter. Moore Capital Management LP now owns 502,627 shares of the company’s stock worth $965,000 after acquiring an additional 379,438 shares in the last quarter. 77.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CNDT. Noble Financial raised shares of Conduent to a “strong-buy” rating in a research report on Tuesday, May 12th. Zacks Research raised shares of Conduent from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Conduent in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy”.

About Conduent

Conduent Incorporated is a global provider of diversified business process services with a focus on delivering digital platforms and automation solutions. The company serves clients across a variety of industries including healthcare, transportation, public sector, financial services and human resources. By combining technology-enabled services with data analytics and artificial intelligence, Conduent helps organizations streamline operations, enhance customer experiences and improve overall efficiency.

Key offerings from Conduent encompass customer engagement and transaction processing, digital payment solutions, eligibility and enrollment services for health and welfare programs, and workforce management tools.