The stock of Conduent Incorporated (NASDAQ:CNDT) is now priced at $3.38 and the shares are -0.23 points down or -6.24% lower compared to its previous closing price of $3.61. The stock had 1.919 million contracts set over the past session. CNDT shares’ daily volume is compared to its average trading volume at 4.226 million shares. However, it has a float of 197 million and although its performance was -11.63% over the week, it’s one to watch. Analysts have given the CNDT stock a yearly average price target of $5.25 per share. It means the stock’s upside potential is 55.33% with the CNDT share price recently placing at $3.37 to $3.54. However, some brokerage firms have priced the stock below the average, including one that has called $4.5.
The shorts are running away from the Conduent Incorporated stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CNDT shares have declined. Short interest in the stock represents just 2.09% of its float, but the volume has dropped by -880722. The volume of shorted shares dropped to 4.114 million from 4.995 million shares over the last two weeks. The average intraday trading volume has been 16.539 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Conduent Incorporated (NASDAQ:CNDT) dropped by -$0.44 over the week and gained $1.24 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.97. The stock recorded its established 52-week high on 11/07/19.
Since 03/19/20, the stock has traded to a low of $1.54 at 119.48%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Conduent Incorporated’s two-week RSI is 52.02. This suggests that the stock is neutral at the moment and that CNDT shares’ price movement remains stable. The stochastic readings are equally revealing at 12.79% meaning the CNDT share price is currently in overbought territory.
The technical chart shows that the CNDT stock will likely settle at between $3.49 and $3.6 per share. However, if the stock dips below $3.32, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.26.
Currently, the stock is trading in the red of MACD, with a reading of -0.08. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at JP Morgan cut their recommendation for CNDT from Overweight to Neutral in April 14 review. Needham analysts see the stock as a Buy, but they also dropped the share’s target price from $9 to $5.50 in a flash note released to investors on February 21. JP Morgan seeing the improvements upgraded the stock from Neutral to Overweight on August 09.
The average rating for the CNDT equity is 2.8 and is currently gathering a bullish momentum. Of 5 analysts tracking Conduent Incorporated polled by Reuters, 4 rated CNDT as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CNDT stock price is 6.84X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 39.6. Conduent Incorporated has its P/E ratio at 0.6, which means that the stock is currently trading at a discount relative to the 4.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Conduent Incorporated (NASDAQ:CNDT) will decrease by about -2.14%, which will see them reach $994 million. The company’s full-year revenues are, however, expected to diminish by about -8.72%, down from $4470 million to $4080 million. CNDT’s expected adjusted earnings should drop almost -25% to end up at $0.12 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -33.87% to record $0.41/share.