Confluent Inc (NASDAQ:CFLT) shares, rose in value on Friday, October 11, with the stock price down by -0.40% to the previous day’s close as strong demand from buyers drove the stock to $22.25.
Actively observing the price movement in the recent trading, the stock is buoying the session at $22.34, falling within a range of $22.095 and $22.59. The value of beta (5-year monthly) is 0.877. Referring to stock’s 52-week performance, its high was $35.07, and the low was $14.69. On the whole, CFLT has fluctuated by 14.75% over the past month.
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With the market capitalization of Confluent Inc currently standing at about $7.18 billion, investors are eagerly awaiting this quarter’s results, scheduled for on 2024-Oct-30.
Projections by analysts suggest varying estimates for the company’s quarterly revenue. Analysts have estimated the company’s revenue for the quarter at 954.39M, with a low estimate of 241.12M and a high estimate of 252.34M. Wall Street analysts also predicted that the company’s y-o-y revenues would reach 244.91M.
Technical indicators serve as essential tools for traders, offering insights into market sentiment and potential price movements. We see that CFLT’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium-term indicators have put the stock in the category of 50% Sell while long-term indicators on average have been pointing out that it is a 100% Sell.
The price of CFLT currently trading nearly 9.94% and 9.16% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 62.09, while the 7-day volatility ratio is showing 5.61% which for the 30-day chart, stands at 4.22%. Furthermore, Confluent Inc (CFLT)’s beta value is 0.87, and its average true range (ATR) is 0.89.
A comparison of Confluent Inc (CFLT) with its peers suggests the former has fared considerably weaker in the market. CFLT showed an intraday change of -0.40% in today’s session so far, and over the past year, it shrunk by -29.37%%.
Data on historical trading for Confluent Inc (NASDAQ:CFLT) indicates that the trading volumes over the past 10 days have averaged 3.82 and over the past 3 months, they’ve averaged 4.32 million. According to company’s latest data on outstanding shares, there are 322.72 million shares outstanding.
Nearly 25.98% of Confluent Inc’s shares belong to company insiders and institutional investors own 71.92% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 19.67 million shares as on 2024-09-30, resulting in a short ratio of 4.66. According to the data, the short interest in Confluent Inc (CFLT) stood at 796.00 of shares outstanding as of 2024-09-30; the number of short shares registered in 2024-08-30 reached 21.53 million. The stock has fallen by -4.91% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CFLT stock heading into the next quarter.
