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

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

Confluent Trading Down 5.1 %

Shares of CFLT stock traded down $1.46 on Friday, reaching $27.07. 3,943,328 shares of the stock were exchanged, compared to its average volume of 4,498,627. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The business’s 50 day moving average price is $22.39 and its 200 day moving average price is $24.58.

Confluent (NASDAQ:CFLT) last released 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. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. As a group, analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CFLT. Bank of America reduced their price objective on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. upped their target price on shares of Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Scotiabank increased their price target on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Wells Fargo & Company decreased their price target on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, Truist Financial reissued a “buy” rating and issued a $30.00 price target (down previously from $36.00) on shares of Confluent in a research report on Thursday, August 1st. One 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 assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.88.

Insider Buying and Selling

In other news, CFO Rohan Sivaram sold 22,926 shares of Confluent 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 $497,035.68. Following the sale, the chief financial officer now directly owns 555,337 shares in the company, valued at $12,039,706.16. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,358,654 shares of company stock worth $91,463,207 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Several institutional investors and hedge funds have recently modified their holdings of CFLT. Russell Investments Group Ltd. raised its holdings in Confluent by 0.7% in the first quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company’s stock valued at $7,960,000 after buying an additional 1,707 shares during the period. ProShare Advisors LLC lifted its position in Confluent by 19.6% in the 1st quarter. ProShare Advisors LLC now owns 11,719 shares of the company’s stock valued at $358,000 after purchasing an additional 1,922 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Confluent by 19.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock worth $473,000 after acquiring an additional 2,542 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Confluent by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,939 shares of the company’s stock worth $4,729,000 after purchasing an additional 26,100 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in Confluent by 24.5% during the first quarter. Blair William & Co. IL now owns 17,800 shares of the company’s stock worth $543,000 after acquiring an additional 3,501 shares during the period. Hedge funds and other institutional investors 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.