The short interest for Confluent, Inc. dramatically decreased in November (NASDAQ: CFLT). As of November 15, 12,920,000 shares were shorted, a 15.7% decrease from 15,320,000 shares on October 31. Based on an average daily volume of 2,510,000 shares, the days-to-cover ratio is 5.1 days. Currently, 9.0% of the stock is being sold short.
Confluent (NASDAQ: CFLT) published its most recent quarterly earnings report on November 2. The company’s earnings per share (EPS) for the quarter came in at $0.40, which was in line with analysts’ expectations. Confluent had a negative net margin of 85.73 percent and a negative return on equity of 55.60 percent. The company’s revenues for the quarter were $151.73 million, as opposed to the consensus estimate of $144.39 million. According to sell-side analysts, Confluent will earn a negative $1.62 profit per share for the current fiscal year.
Several research firms recently provided feedback to CFLT. In a research note, Davidson reduced Confluent’s price objective from $44.00 to $33.00 on November 3. Confluent’s price objective was reduced by Morgan Stanley from $38.00 to $35.00 in a research note released on November 3, and the stock was rated as “equal weight.” In a research note published on Tuesday, August 9, Cowen increased their $39.00 price objective on Confluent. On Friday, September 30, Confluence was mentioned in a report by Trust Financial. They recommended “buy” for the company with a $35.00 price goal. Not to mention, JPMorgan Chase & Co. decreased its price objective for Confluent from $30.00 to $25.00 and gave the company a “neutral” rating in a research report that was released on November 3. The company was rated as a buy by six research experts and a hold by another six. According to information from Bloomberg.com, Confluent currently has an average rating of “Moderate Buy” and a consensus target price of $35.36.
At noon on Friday, the price of CFLT shares had risen $0.09 to $22.62.
One million six hundred eleven thousand two hundred eighty-seven shares were traded in contrast to the company’s normal volume of 3,054,205 shares. Confluent’s 52-week high and low are $81.11 and $16.48, respectively. The company’s respective quick, current, and debt-to-equity ratios are 5.74, 5.74, and 1.38. The company’s 50- and 200-day moving averages are $23.55 and $24.53, respectively. The company’s market value is $6.48 billion, its P/E ratio is -13.54, and its beta is 1.06.
SVP Chad Verbowski additionally sold 9,441 shares of company stock on November 22. The stock was sold at an average price of $20.11 for a total transaction value of $189,858.51. After completing the transaction, the senior vice president now owns 338,391 company shares, valued at $6,805,043.01. You can examine the document that describes the transaction on the Securities and Exchange Commission (SEC) website. Steffan Tomlinson, the CFO, sold 15,393 company stock on November 11. Averaging $25 per share, the stock was sold for $384,825.00. Following the sale, the chief financial officer now owns 106,407 company shares worth $2,660,175; You can examine the document that describes the transaction on the Securities and Exchange Commission (SEC) website. SVP Chad Verbowski concluded a deal involving the sale of 9,441 shares of company stock on November 22. The stock was sold at an average price of $20.11 for a total transaction value of $189,858.51. The senior vice president acquired a total of 338,391 shares of the company, worth a total of $6,805,043.01. The disclosure for this sale is available here. Insiders generated sales of $13,041,645 through the sale of 571,702 shares of company stock during the preceding quarter. Currently, insiders own 27.94% of the stock.
A few institutional investors and hedge funds have recently changed the number of shares they own. During the third quarter, Vanguard Group Inc. grew its holdings in Confluent shares by 15.6%. Vanguard Group Inc. now owns 10,877,130 shares, valued at $258,549,000, after acquiring an additional 1,470,650 shares over the last 12 months. BlackRock Inc. grew its stake in Confluent shares by 1.0% during the third quarter. BlackRock Inc. added 78,339 shares during that period, bringing its total share count to 8,189,217, for a total market value of $194,656,000. JPMorgan Chase & Co. grew its stake in Confluent shares by 43.0% during the first quarter. JPMorgan Chase & Co. now owns 7,971,525 shares worth $326,833,000, after acquiring an additional 2,398,212 shares throughout the last period. Durable Capital Partners LP grew its holdings in Confluent shares by 6.8% during the first quarter. Durable Capital Partners LP now owns 465,214 more company shares than it did at the beginning of the quarter, for a total market value of $300,496,000. Finally, Altimeter Capital Management LP boosted its stake in Confluent by 79.9% during the first quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock valued at $217,575,000 after acquiring an additional 2,356,700 shares. Hedge funds and institutional investors now own 40.65% of the stock.
