Conduent (NASDAQ:CNDT) Trading Up 6.8% – Time to Buy?

Conduent Inc. (NASDAQ:CNDT) shares shot up 6.8% during mid-day trading on Monday . The stock traded as high as $2.07 and last traded at $2.03. 1,384,572 shares traded hands during trading, an increase of 29% from the average session volume of 1,077,005 shares. The stock had previously closed at $1.90.

Analyst Upgrades and Downgrades

CNDT has been the subject of a number of analyst reports. Wall Street Zen downgraded Conduent from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “sell (d)” rating on shares of Conduent in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Conduent Price Performance

The business’s fifty day moving average price is $2.01 and its 200 day moving average price is $2.45. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market cap of $310.37 million, a P/E ratio of -2.07, a PEG ratio of 47.50 and a beta of 1.31.

Conduent (NASDAQ:CNDT) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). Conduent had a negative return on equity of 8.74% and a negative net margin of 4.85%.The company had revenue of $767.00 million for the quarter, compared to analyst estimates of $792.00 million. During the same quarter in the prior year, the company earned ($0.14) earnings per share. Conduent’s revenue for the quarter was down 1.8% compared to the same quarter last year. Sell-side analysts forecast that Conduent Inc. will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Conduent

Hedge funds and other institutional investors have recently bought and sold shares of the company. Neuberger Berman Group LLC increased its holdings in Conduent by 3.0% in the 2nd quarter. Neuberger Berman Group LLC now owns 15,239,805 shares of the company’s stock worth $40,233,000 after purchasing an additional 445,372 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Conduent by 1.1% during the third quarter. Vanguard Group Inc. now owns 8,635,381 shares of the company’s stock valued at $24,179,000 after purchasing an additional 93,759 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Conduent by 323.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,757,577 shares of the company’s stock worth $7,280,000 after purchasing an additional 2,106,956 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Conduent by 7.1% in the second quarter. Prudential Financial Inc. now owns 2,576,089 shares of the company’s stock valued at $6,801,000 after buying an additional 171,846 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Conduent by 0.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,962,919 shares of the company’s stock valued at $5,300,000 after buying an additional 11,428 shares during the last quarter. Institutional investors own 77.28% of the company’s stock.

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.