Cubist Systematic Strategies LLC Takes $1.12 Million Position in Conduent Inc. $CNDT

Key Points

• Cubist Systematic Strategies LLC acquired 413,722 shares of Conduent Inc. for approximately $1.12 million, signaling institutional investment interest in the company.
• Several institutional investors including Millennium Management LLC and Hsbc Holdings PLC have significantly increased their stakes in Conduent, indicating growing confidence in the firm's potential.
• Analysts have upgraded Conduent’s stock rating, with one firm issuing a "strong-buy" rating and the overall average rating categorized as "Strong Buy," reflecting positive market sentiment.

Cubist Systematic Strategies LLC purchased a new position in Conduent Inc. (NASDAQ:CNDT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 413,722 shares of the company's stock, valued at approximately $1,117,000. Cubist Systematic Strategies LLC owned approximately 0.26% of Conduent at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Graham Capital Management L.P. raised its position in Conduent by 66.0% in the 1st quarter. Graham Capital Management L.P. now owns 232,970 shares of the company's stock valued at $629,000 after purchasing an additional 92,663 shares during the last quarter. Truvestments Capital LLC acquired a new stake in shares of Conduent during the first quarter worth approximately $28,000. Aristides Capital LLC bought a new stake in Conduent in the first quarter valued at $106,000. Hsbc Holdings PLC raised its position in Conduent by 65.8% in the first quarter. Hsbc Holdings PLC now owns 259,850 shares of the company's stock worth $704,000 after acquiring an additional 103,099 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in Conduent by 55.3% during the 1st quarter. Quantbot Technologies LP now owns 62,148 shares of the company's stock worth $168,000 after buying an additional 22,121 shares during the period. 77.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Singular Research upgraded Conduent to a "strong-buy" rating in a report on Tuesday, August 19th. Wall Street Zen upgraded Conduent from a "sell" rating to a "hold" rating in a research report on Saturday, August 23rd. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Buy".

Conduent Stock Performance

Conduent stock traded down $0.08 during trading hours on Friday, hitting $2.83. 327,474 shares of the stock traded hands, compared to its average volume of 1,129,754. The firm's 50 day moving average price is $2.68 and its 200-day moving average price is $2.61. Conduent Inc. has a 1 year low of $1.90 and a 1 year high of $4.90. The stock has a market capitalization of $446.27 million, a price-to-earnings ratio of 70.89 and a beta of 1.35. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.65 and a quick ratio of 1.65.

Conduent (NASDAQ:CNDT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.06. Conduent had a negative return on equity of 9.88% and a net margin of 0.64%.The company had revenue of $754.00 million during the quarter, compared to analyst estimates of $777.00 million. During the same period in the prior year, the business posted ($0.14) earnings per share. The firm's revenue for the quarter was down 7.0% compared to the same quarter last year. As a group, equities analysts expect that Conduent Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Conduent

In related news, Director Harshavardhan V. Agadi purchased 100,000 shares of Conduent stock in a transaction dated Wednesday, June 18th. The shares were acquired at an average price of $2.81 per share, with a total value of $281,000.00. Following the completion of the transaction, the director owned 100,000 shares of the company's stock, valued at approximately $281,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.98% of the company's stock.

Conduent 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.