Conduent (NASDAQ:CNDT) Sees Strong Trading Volume – Time to Buy?

Conduent Incorporated (NASDAQ:CNDT) shares saw unusually-strong trading volume on Tuesday . Approximately 797,796 shares changed hands during trading, a decline of 27% from the previous session’s volume of 1,088,117 shares.The stock last traded at $3.80 and had previously closed at $3.79.

Conduent Stock Performance

The company has a debt-to-equity ratio of 1.05, a current ratio of 1.65 and a quick ratio of 1.65. The firm has a fifty day simple moving average of $3.78 and a 200 day simple moving average of $3.59. The company has a market cap of $769.23 million, a price-to-earnings ratio of -4.16 and a beta of 1.47.

Conduent (NASDAQ:CNDT) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. The business had revenue of $811.00 million for the quarter, compared to the consensus estimate of $803.33 million. Conduent had a net margin of 0.88% and a negative return on equity of 7.81%. Conduent’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. On average, sell-side analysts expect that Conduent Incorporated will post -0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CNDT. Factorial Partners LLC bought a new position in Conduent in the second quarter worth $3,295,000. Ancora Advisors LLC acquired a new stake in Conduent in the first quarter worth about $1,957,000. Renaissance Technologies LLC increased its position in Conduent by 27.7% in the second quarter. Renaissance Technologies LLC now owns 2,393,900 shares of the company’s stock worth $7,804,000 after purchasing an additional 520,000 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Conduent by 198.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 763,916 shares of the company’s stock worth $2,582,000 after purchasing an additional 508,012 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in Conduent in the first quarter worth about $724,000. 77.28% of the stock is owned by institutional investors.

About Conduent

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.