Confluent, Inc. (NASDAQ:CFLT) Short Interest Up 12.6% in June

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

Insider Transactions at Confluent

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 sale, the insider now owns 706,715 shares in the company, valued at approximately $21,908,165. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $1,975,599.00. Following the completion of the sale, the insider now owns 706,715 shares in the company, valued at approximately $21,908,165. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Stephanie Buscemi sold 3,794 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $121,256.24. Following the transaction, the chief marketing officer now directly owns 165,539 shares in the company, valued at $5,290,626.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 632,725 shares of company stock valued at $18,138,428. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several large investors have recently modified their holdings of CFLT. Hollencrest Capital Management bought a new position in Confluent in the 1st quarter worth approximately $26,000. Rakuten Securities Inc. bought a new position in shares of Confluent in the fourth quarter worth $31,000. Quest Partners LLC purchased a new position in shares of Confluent in the fourth quarter valued at $31,000. GAMMA Investing LLC purchased a new position in shares of Confluent in the fourth quarter valued at $35,000. Finally, UniSuper Management Pty Ltd raised its stake in shares of Confluent by 125.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

CFLT traded down $0.87 during midday trading on Monday, reaching $28.66. The company had a trading volume of 1,749,802 shares, compared to its average volume of 4,485,001. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The business has a 50-day moving average price of $28.68 and a two-hundred day moving average price of $28.12. The stock has a market cap of $9.11 billion, a PE ratio of -23.11 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Truist Financial reaffirmed a “buy” rating and set a $36.00 price target (up from $33.00) on shares of Confluent in a research note on Wednesday, May 8th. DA Davidson reiterated a “buy” rating and issued a $37.00 target price on shares of Confluent in a report on Monday, April 1st. TD Cowen lifted their price target on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group upped their price objective on shares of Confluent from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Finally, Mizuho reduced their price objective on shares of Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a report on Monday, April 15th. One research 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 data from MarketBeat.com, Confluent presently has an average 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.