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

Confluent, Inc. (NASDAQ:CFLT) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 21,560,000 shares, a growth of 12.6% from the May 31st total of 19,140,000 shares. Approximately 9.2% of the company’s stock are short sold. Based on an average daily volume of 3,520,000 shares, the days-to-cover ratio is currently 6.1 days.

Confluent Price Performance

Shares of CFLT stock traded down $0.51 during trading hours on Wednesday, hitting $28.58. 1,336,002 shares of the company’s stock were exchanged, compared to its average volume of 4,450,258. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The firm has a market cap of $9.08 billion, a P/E ratio of -22.86 and a beta of 0.91. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm has a 50 day moving average of $28.72 and a two-hundred day moving average of $28.17.

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

Insider Activity at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $121,256.24. Following the completion of the transaction, the chief marketing officer now directly owns 165,539 shares in the company, valued at $5,290,626.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Stephanie Buscemi sold 3,794 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $121,256.24. Following the completion of the sale, the chief marketing officer now directly owns 165,539 shares of the company’s stock, valued at approximately $5,290,626.44. 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. 13.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Confluent by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after buying an additional 669,675 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake 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 worth $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in Confluent during the 1st quarter worth about $181,075,000. Coatue Management LLC purchased a new stake in Confluent during the 4th quarter worth about $134,132,000. Finally, First Trust Advisors LP raised its position in Confluent by 15.3% in the 4th quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock valued at $129,910,000 after purchasing an additional 738,147 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CFLT has been the subject of a number of recent analyst reports. Oppenheimer initiated coverage on shares of Confluent in a research note on Friday, May 17th. They issued an “outperform” rating and a $37.00 target price for the company. Mizuho cut their target price on Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Wells Fargo & Company lifted their price target on Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $40.00 price objective on shares of Confluent in a report on Tuesday, June 4th. Finally, Canaccord Genuity Group upgraded shares of 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $32.93.

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.