Conduent (CNDT) traded 50X daily options volume 11/29 as 9,350 of the April $5 calls were bought $0.90 to $1.05 in unusual action while IV30 surged 22.6% higher. CNDT shares are at multi-week lows but hitting a 50% retracement of the 2020/2021 range and retesting a key breakout area from early 2021. CNDT is a leading business processes outsourcing (BPO) company with a portfolio that includes leading solutions in attractive markets such as end-user customer experience management, transaction processing services, healthcare and human resource and learning services. The BPO estimated TAM was estimated at $200B in 2020. The ongoing shift to next-generation software and automation technologies is driving greater demand for, and expectation of, efficiency and personalization by the constituents and customers of the businesses and governments. Business process services that streamline operational processes have the potential to meaningfully enhance productivity for businesses and governments and improve satisfaction for their customers and constituents. CNDT has a $1.12B market cap and is trading 4.7X EBITDA with revenues seen down modestly in 2021 and 2022 and EBITDA around flat, a name lacking much growth. CNDT has formerly been the target of activists and interesting that Carl Icahn has a $250M position in the company. CNDT has also seen a good amount of insider buying in 2021 from the CIO and CEO with multiple purchases in August in the $6.75 to $7.07 per share range. CNDT has been seeing solid net ARR growth as an indicator of growth as it counters the legacy business losses.