Conduent (NASDAQ:CNDT) Shares Gap Down Following Weak Earnings

Conduent Incorporated (NASDAQ:CNDT)’s stock price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $4.39, but opened at $3.87. Conduent shares last traded at $4.02, with a volume of 714,970 shares trading hands.

The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.04). Conduent had a negative return on equity of 7.94% and a net margin of 12.65%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CNDT. Picton Mahoney Asset Management increased its holdings in Conduent by 288.7% in the fourth quarter. Picton Mahoney Asset Management now owns 8,784 shares of the company’s stock valued at $35,000 after buying an additional 6,524 shares in the last quarter. SilverOak Wealth Management LLC purchased a new position in shares of Conduent during the 4th quarter worth approximately $53,000. Bailard Inc. purchased a new position in shares of Conduent during the 4th quarter worth approximately $58,000. Cibc World Markets Corp purchased a new position in shares of Conduent during the 4th quarter worth approximately $60,000. Finally, Paloma Partners Management Co purchased a new position in shares of Conduent during the 3rd quarter worth approximately $100,000. 77.28% of the stock is owned by hedge funds and other institutional investors.

Conduent Stock Performance

The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average price is $4.09 and its two-hundred day moving average price is $3.88. The firm has a market capitalization of $641.80 million, a PE ratio of 1.76 and a beta of 1.41.

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.