Conduent (NASDAQ:CNDT) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded Conduent from “strong buy” to “hold,” while analyst opinions remain mixed; MarketBeat’s consensus rating is “Moderate Buy.”
• Conduent’s latest quarter fell short of expectations, reporting an adjusted loss of $0.18 per share versus estimates of $0.17 and revenue of $531 million versus $702 million expected.
• CNDT opened at $1.55, near its 50-day and 200-day moving averages, with a market capitalization of approximately $241 million; institutional investors own 77.28% of the stock.

Conduent (NASDAQ:CNDT - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research firms also recently commented on CNDT. Noble Financial upgraded Conduent to a "strong-buy" rating in a report on Tuesday, May 12th. Weiss Ratings reiterated a "sell (d)" rating on shares of Conduent in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Conduent has a consensus rating of "Moderate Buy".

Conduent Price Performance

CNDT stock opened at $1.55 on Tuesday. Conduent has a one year low of $1.15 and a one year high of $2.98. The firm has a 50-day moving average of $1.51 and a two-hundred day moving average of $1.50. The firm has a market capitalization of $241.06 million, a PE ratio of -1.02 and a beta of 1.44. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 1.09.

Conduent (NASDAQ:CNDT - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.01). Conduent had a negative net margin of 8.17% and a negative return on equity of 8.50%. The business had revenue of $531.00 million for the quarter, compared to analysts' expectations of $702.00 million. On average, analysts forecast that Conduent will post -0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ieq Capital LLC acquired a new position in shares of Conduent in the second quarter valued at $416,000. JB Capital Partners LP acquired a new stake in Conduent during the second quarter worth $1,625,069,000. Blue Owl Capital Holdings LP acquired a new stake in Conduent during the second quarter worth $7,353,000. Nierenberg Investment Management Company LLC bought a new stake in Conduent in the 2nd quarter valued at $25,630,000. Finally, Fore Capital LLC bought a new stake in Conduent in the 2nd quarter valued at $247,000. 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.

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