Confluent, Inc. (NASDAQ:CFLT) Short Interest Down 13.6% in October

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CFLT shares. DA Davidson reaffirmed a “buy” rating and set a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. Barclays increased their price target on shares of Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Robert W. Baird increased their price target on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Wolfe Research raised shares of Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Finally, Citigroup raised their target price on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.88.

Confluent Stock Performance

Shares of Confluent stock traded up $0.44 during trading on Monday, reaching $27.51. The company’s stock had a trading volume of 2,372,008 shares, compared to its average volume of 4,365,969. The business’s 50-day moving average price is $22.39 and its 200-day moving average price is $24.56. The firm has a market cap of $9.02 billion, a PE ratio of -24.83 and a beta of 0.82. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

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

Insider Activity

In other news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction that occurred 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 sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. This represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rohan Sivaram sold 22,926 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $497,035.68. Following the completion of the sale, the chief financial officer now owns 555,337 shares in the company, valued at $12,039,706.16. This represents a 3.96 % 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 over the last ninety days. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in Confluent during the second quarter worth about $68,000. UniSuper Management Pty Ltd boosted its holdings in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after acquiring an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after acquiring an additional 859 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Confluent during the 3rd quarter worth approximately $68,000. Finally, Lazard Asset Management LLC boosted its holdings in shares of Confluent by 25.5% during the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after buying an additional 1,167 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.