Why Conduent Stock Is Plummeting Today
(NASDAQ: CNDT) stock is getting hit hard in Wednesday's trading. The outsourcing services specialist's share price was down 19.7% as of 3 p.m. ET, according to data from S&P Global Market Intelligence.
Conduent published its third-quarter earnings report before the market opened this morning, and investors aren't happy with the results. The company posted a non-GAAP (adjusted) loss of $0.09 per share on revenue of $932 million. Sales were down roughly 4.6% year over year, and the bottom line swung to a loss after the adjusted profit of $0.09 per share in last year's quarter.
With its Q3 report, Conduent noted that macroeconomic conditions continued to impact its performance and near-term outlook. In the face of recent economic headwinds and uncertainty on the horizon, many businesses have taken a more cautious approach to spending. The company's commercial segment has been particularly hard hit, and it looks like headwinds could continue in the near future.
Source Fool.com
Conduent Inc Stock
Currently there is a rather positive sentiment for Conduent Inc with 3 Buy predictions and 0 Sell predictions.
Based on the current price of 3.84 € the target price of 8 € shows a potential of 108.33% for Conduent Inc which would more than double the current price.
