Confluent, Inc. (NASDAQ:CFLT – Get Free Report) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 19,670,000 shares, a growth of 5.6% from the September 15th total of 18,630,000 shares. Currently, 8.2% of the shares of the company are short sold. Based on an average daily trading volume, of 4,370,000 shares, the days-to-cover ratio is presently 4.5 days.
Confluent Stock Up 0.8 %
Shares of NASDAQ CFLT opened at $22.32 on Friday. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $7.09 billion, a PE ratio of -17.86 and a beta of 0.88. The stock’s fifty day simple moving average is $20.68 and its two-hundred day simple moving average is $25.16. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07.
Confluent (NASDAQ:CFLT – Get Free Report) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The company had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. As a group, analysts expect that Confluent will post -0.95 EPS for the current fiscal year.
Insider Activity at Confluent
Institutional Trading of Confluent
Several hedge funds and other institutional investors have recently bought and sold shares of CFLT. Hollencrest Capital Management bought a new stake in Confluent during the 1st quarter valued at $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Confluent in the 2nd quarter worth $68,000. UniSuper Management Pty Ltd boosted its position in shares of Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in shares of Confluent by 25.5% in the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.
Analyst Ratings Changes
A number of analysts have commented on the company. Stifel Nicolaus reduced their price target on Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Guggenheim reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Confluent in a research note on Tuesday, June 25th. TD Cowen dropped their price objective on Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Confluent in a research note on Monday, September 23rd. Finally, Bank of America dropped their price objective on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.79.
Read Our Latest Research Report on Confluent
Confluent Company Profile
Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.
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