Confluent, Inc. (NASDAQ:CFLT) Short Interest Update

Confluent, Inc. (NASDAQ:CFLT) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 17,330,000 shares, a decline of 13.6% from the October 15th total of 20,060,000 shares. Based on an average trading volume of 3,790,000 shares, the short-interest ratio is presently 4.6 days. Approximately 7.0% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CFLT. DA Davidson reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research note on Wednesday, September 18th. Stifel Nicolaus decreased their price objective on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. UBS Group boosted their target price on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Truist Financial reiterated a “buy” rating and set a $30.00 price target (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. Finally, Loop Capital dropped their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Insider Buying and Selling

In related news, insider Erica Schultz sold 9,556 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the sale, the insider now owns 687,483 shares of the company’s stock, valued at $14,904,631.44. The trade was a 1.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,358,654 shares of company stock worth $91,463,207 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Geode Capital Management LLC lifted its position in shares of Confluent by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Confluent during the third quarter worth $634,000. Main Management ETF Advisors LLC bought a new stake in Confluent during the third quarter worth $696,000. Orion Portfolio Solutions LLC purchased a new position in Confluent in the third quarter worth $605,000. Finally, XTX Topco Ltd bought a new position in Confluent in the 3rd quarter valued at $868,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Stock Down 5.1 %

Shares of Confluent stock traded down $1.46 on Friday, hitting $27.07. The company had a trading volume of 3,943,328 shares, compared to its average volume of 4,374,944. Confluent has a 1 year low of $17.79 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The stock has a 50 day moving average of $22.39 and a 200-day moving average of $24.61. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of -24.39 and a beta of 0.82.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, sell-side analysts forecast that Confluent will post -0.9 earnings per share for the current year.

About Confluent

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.