Confluent, Inc. (NASDAQ:CFLT) Sees Significant Increase in Short Interest

Confluent, Inc. (NASDAQ:CFLT) was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totalling 23,760,000 shares, an increase of 10.2% from the June 15th total of 21,560,000 shares. Based on an average daily volume of 3,570,000 shares, the short-interest ratio is presently 6.7 days. Currently, 10.2% of the shares of the stock are sold short.

Insider Buying and Selling

In related news, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $290,625.00. Following the sale, the director now owns 5,399 shares of the company’s stock, valued at $167,369. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Confluent news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $26.01, for a total value of $1,657,591.29. Following the transaction, the insider now owns 697,039 shares of the company’s stock, valued at $18,129,984.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $290,625.00. Following the completion of the transaction, the director now directly owns 5,399 shares in the company, valued at approximately $167,369. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock valued at $18,138,428 over the last quarter. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of large investors have recently bought and sold shares of the business. Hollencrest Capital Management acquired a new position in Confluent during the 1st quarter worth $26,000. Rakuten Securities Inc. acquired a new position in Confluent during the 4th quarter worth $31,000. Quest Partners LLC acquired a new position in Confluent during the 4th quarter worth $31,000. GAMMA Investing LLC acquired a new position in Confluent during the 4th quarter worth $35,000. Finally, V Square Quantitative Management LLC acquired a new position in Confluent during the 2nd quarter worth $68,000. 78.09% of the stock is currently owned by institutional investors.

Confluent Stock Down 0.2 %

NASDAQ:CFLT traded down $0.04 during trading hours on Wednesday, reaching $26.06. The company’s stock had a trading volume of 4,482,494 shares, compared to its average volume of 4,452,924. The company has a market cap of $8.28 billion, a price-to-earnings ratio of -20.85 and a beta of 0.91. Confluent has a one year low of $14.69 and a one year high of $41.22. The business’s 50-day moving average is $28.35 and its 200-day moving average is $28.37. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The business had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. Equities research analysts predict that Confluent will post -0.94 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wells Fargo & Company upped their price target on Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Evercore ISI assumed coverage on Confluent in a report on Tuesday, June 11th. They issued an “outperform” rating and a $35.00 price target on the stock. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price target on shares of Confluent in a report on Tuesday, June 11th. Finally, Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and boosted their target price for the company from $28.00 to $35.00 in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average target price of $32.85.

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.