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

Confluent, Inc. (NASDAQ:CFLT) was the target of a large growth in short interest during 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 stock are short sold. Based on an average trading volume of 4,370,000 shares, the days-to-cover ratio is currently 4.5 days.

Confluent Stock Performance

Confluent stock traded up $0.17 on Thursday, hitting $22.32. The company’s stock had a trading volume of 2,636,313 shares, compared to its average volume of 4,364,793. The company has a fifty day moving average price of $20.68 and a 200-day moving average price of $25.16. The firm has a market cap of $7.09 billion, a P/E ratio of -17.86 and a beta of 0.88. Confluent has a one year low of $14.69 and a one year high of $35.07. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The business had revenue of $234.99 million during 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%. On average, equities analysts anticipate that Confluent will post -0.95 earnings per share for the current year.

Insider Buying and Selling

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was 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 directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock worth $10,833,388 in the last three months. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds and other institutional investors have recently modified their holdings of CFLT. William Blair Investment Management LLC acquired a new position in Confluent in the second quarter valued at about $193,403,000. 1832 Asset Management L.P. acquired a new position in shares of Confluent in the 1st quarter worth approximately $181,075,000. Champlain Investment Partners LLC bought a new stake in Confluent during the 1st quarter worth approximately $144,563,000. Price T Rowe Associates Inc. MD increased its holdings in Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after purchasing an additional 1,316,804 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Robert W. Baird began coverage on shares of Confluent in a report on Wednesday, September 4th. They set a “neutral” rating and a $23.00 price target for the company. Bank of America cut their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research report on Thursday, August 1st. Canaccord Genuity Group lowered their price target on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company cut their price objective on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, DA Davidson restated a “buy” rating and issued a $30.00 target price on shares of Confluent in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and an average price target of $29.79.

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.