Conduent (NYSE:CNDT) Shares Gap Up to $7.08

Conduent Inc (NYSE:CNDT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.36, but opened at $7.08. Conduent shares last traded at $7.02, with a volume of 899,885 shares traded.

A number of research firms recently issued reports on CNDT. JPMorgan Chase & Co. upgraded Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a report on Friday, August 9th. Cross Research cut Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Needham & Company LLC reduced their price target on Conduent from $25.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. They noted that the move was a valuation call. Cowen set a $8.00 price target on Conduent and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Zacks Investment Research cut Conduent from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.69.

The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 6.82 and a beta of 1.69. The stock has a 50-day moving average price of $8.51 and a 200-day moving average price of $11.12. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.32 and a quick ratio of 1.32.

Conduent (NYSE:CNDT) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.04). The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. Conduent had a positive return on equity of 6.35% and a negative net margin of 35.30%. The business’s revenue for the quarter was down 19.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 earnings per share. Equities analysts forecast that Conduent Inc will post 0.64 earnings per share for the current year.

In related news, major shareholder Carl C. Icahn acquired 1,941,101 shares of the stock in a transaction on Wednesday, August 14th. The shares were purchased at an average price of $6.57 per share, for a total transaction of $12,753,033.57. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Carl C. Icahn acquired 3,076,378 shares of the stock in a transaction on Monday, August 12th. The shares were bought at an average price of $6.43 per share, for a total transaction of $19,781,110.54. The disclosure for this purchase can be found here. Company insiders own 0.92% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in shares of Conduent by 1,014.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,687 shares of the company’s stock valued at $26,000 after purchasing an additional 2,446 shares during the last quarter. Parallel Advisors LLC grew its position in Conduent by 342.5% during the 2nd quarter. Parallel Advisors LLC now owns 2,757 shares of the company’s stock worth $26,000 after acquiring an additional 2,134 shares during the last quarter. Howe & Rusling Inc. bought a new stake in Conduent during the 1st quarter worth $60,000. Westside Investment Management Inc. bought a new stake in Conduent during the 2nd quarter worth $50,000. Finally, Hilton Capital Management LLC bought a new stake in Conduent during the 1st quarter worth $83,000. Institutional investors own 90.57% of the company’s stock.

About Conduent (NYSE:CNDT)

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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