Confluent Inc (NASDAQ:CFLT) price on Friday, November 15, fall -5.12% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $27.07.
A look at the stock’s price movement, the close in the last trading session was $28.53, moving within a range at $26.79 and $27.955. The beta value (5-Year monthly) was 0.817. Turning to its 52-week performance, $35.07 and $17.79 were the 52-week high and 52-week low respectively. Overall, CFLT moved 21.28% over the past month.
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Confluent Inc’s market cap currently stands at around $8.88 billion, with investors looking forward to this quarter’s earnings report slated for on 2025-Feb-05.
Analysts have a consensus estimate of 256.84M for the company’s revenue for the quarter, with a low and high estimate of 255M and 265.4M respectively. The average forecast suggests up to a 20.48% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 958.72M, representing a 23.40% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that CFLT is a 50% Buy. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.
11 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 3 analyst(s) rate the stock as a Hold, 8 recommend CFLT as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
CFLT’s current price about 7.26% and 20.91% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 61.87, while 7-day volatility ratio is 4.48% and 4.35% in the 30-day chart. Further, Confluent Inc (CFLT) has a beta value of 0.84, and an average true range (ATR) of 1.23. Analysts have given the company’s stock an average 52-week price target of $29, forecast between a low of $21 and high of $42. Looking at the price targets, the low is 22.42% off current price level while to achieve the yearly target high, price needs to move -55.15%. Nonetheless, investors will most likely welcome a -7.13% jump to $29 which is the analysts’ median price.
If we refocus on Confluent Inc (NASDAQ:CFLT), historical trading data shows that trading volumes averaged 5.05 over the past 10 days and 3.86 million over the past 3 months. The company’s latest data on shares outstanding shows there are 328.00 million shares.
The 24.77% of Confluent Inc’s shares are in the hands of company insiders while institutional holders own 69.26% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 17.33 million on 2024-10-31, giving us a short ratio of 4.76. The data shows that as of 2024-10-31 short interest in Confluent Inc (CFLT) stood at 679.0 of shares outstanding, with shares short falling to 19.67 million registered in 2024-09-30. Current price change has pushed the stock 15.68% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CFLT stock continues to rise going into the next quarter.
