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

Confluent, Inc. (NASDAQ:CFLT) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 18,630,000 shares, a decline of 13.5% from the August 31st total of 21,530,000 shares. Currently, 7.8% of the shares of the stock are sold short. Based on an average daily volume of 4,230,000 shares, the days-to-cover ratio is currently 4.4 days.

Insiders Place Their Bets

In other news, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares in the company, valued at $143,271.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,561,071.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the transaction, the director now directly owns 7,160 shares in the company, valued at approximately $143,271.60. The disclosure for this sale can be found here. Insiders have sold a total of 524,453 shares of company stock valued at $10,833,388 in the last 90 days. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Several large investors have recently bought and sold shares of the stock. Hollencrest Capital Management purchased a new stake in shares of Confluent in the 1st quarter valued at about $26,000. Quest Partners LLC acquired a new position in Confluent during the fourth quarter worth approximately $31,000. V Square Quantitative Management LLC acquired a new position in Confluent during the second quarter worth approximately $68,000. UniSuper Management Pty Ltd boosted its holdings in shares of 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 period. Finally, Advisors Asset Management Inc. grew its position in shares of Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Canaccord Genuity Group decreased their target price 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. DA Davidson reiterated a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research report on Wednesday, September 18th. Loop Capital reduced their target price on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. Evercore ISI lowered their price target on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, Guggenheim restated a “buy” rating and issued a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average target price of $29.97.

Confluent Stock Up 0.1 %

Shares of NASDAQ:CFLT traded up $0.01 on Friday, hitting $19.70. 5,792,360 shares of the company’s stock were exchanged, compared to its average volume of 4,435,024. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The company has a market capitalization of $6.26 billion, a PE ratio of -15.76 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The firm’s 50-day moving average is $21.13 and its 200 day moving average is $26.08.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The company had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. Sell-side analysts predict that Confluent will post -0.95 EPS 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.