Conduent (NASDAQ:CNDT) Shares Gap Down on Disappointing Earnings

Conduent Incorporated (NASDAQ:CNDT)’s share price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. 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.

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

Institutional Trading of Conduent

A number of hedge funds have recently bought and sold shares of CNDT. Picton Mahoney Asset Management grew its position in shares of 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 purchasing an additional 6,524 shares in the last quarter. SilverOak Wealth Management LLC acquired a new position in Conduent during the fourth quarter worth $53,000. Bailard Inc. purchased a new stake in Conduent in the 4th quarter valued at $58,000. Cibc World Markets Corp acquired a new stake in shares of Conduent in the 4th quarter worth $60,000. Finally, Paloma Partners Management Co purchased a new position in shares of Conduent during the 3rd quarter worth $100,000. Institutional investors and hedge funds own 77.28% of the company’s stock.

Conduent Stock Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.75 and a current ratio of 1.75. The firm’s 50-day moving average price is $4.09 and its two-hundred day moving average price is $3.88. The stock has a market cap of $658.75 million, a price-to-earnings ratio of 1.81 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.