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Should Confluent Inc. (NASDAQ: CFLT) Rally After -96.03% Drop From High?

Confluent Inc. (NASDAQ:CFLT)’s traded shares stood at 2.87 million during the last session. At the close of trading, the stock’s price was $22.94, to imply an increase of 3.61% or $0.8 in intraday trading. The CFLT share’s 52-week high remains $44.97, putting it -96.03% down since that peak but still an impressive 28.16% since price per share fell to its 52-week low of $16.48. The company has a valuation of $6.97B, with an average of 3.95 million shares in intraday trading volume over the past 10 days and average of 3.82 million shares over the past 3 months.

Analysts have given a consensus recommendation of an Overweight for Confluent Inc. (CFLT), translating to a mean rating of 2.30. Of 21 analyst(s) looking at the stock, 0 analyst(s) give CFLT a Sell rating. 1 of those analysts rate the stock as Overweight while 8 advise Hold as 12 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at -$0.14.

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Confluent Inc. (NASDAQ:CFLT) trade information

After registering a 3.61% upside in the last session, Confluent Inc. (CFLT) has traded red over the past five days. The stock hit a weekly high of 23.06 this Thursday, 03/16/23, jumping 3.61% in its intraday price action. The 5-day price performance for the stock is -0.74%, and -18.85% over 30 days. With these gigs, the year-to-date price performance is 3.15%. Short interest in Confluent Inc. (NASDAQ:CFLT) saw shorts transact 15.76 million shares and set a 3.76 days time to cover.

Analysts on Wall Street suggest a consensus price target of $28.58, implying an increase of 19.73% to the stock’s current value. The extremes give us $19.00 and $36.00 for target low and target high price respectively. As such, CFLT has been trading -56.93% off suggested target high and 17.18% from its likely low.

Confluent Inc. (CFLT) estimates and forecasts

Looking at statistics comparing Confluent Inc. share performance against respective industry, we note that the company has outperformed competitors. Confluent Inc. (CFLT) shares are -16.37% down over the last 6 months, with its year-to-date growth rate higher than industry average at 53.45% against 17.60%. Revenue is forecast to grow 26.30% this quarter before jumping 37.50% for the next one. The rating firms project that company’s revenue will grow 30.10% compared to the previous financial year.

Revenue forecast for the current quarter as set by 17 analysts is $167.36 million. Meanwhile, for the quarter ending Jun 2023, a total of 17 analyst(s) estimate revenue growth to $181.34 million.Earnings reports from the last fiscal year show that sales brought in $126.1 million and $139.41 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 32.70% before jumping 30.10% in the following quarter.

CFLT Dividends

Confluent Inc. has its next earnings report out on January 30. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Confluent Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Confluent Inc. (NASDAQ:CFLT)’s Major holders

Confluent Inc. insiders hold 1.51% of total outstanding shares, with institutional holders owning 81.17% of the shares at 82.42% float percentage. In total, 81.17% institutions holds shares in the company, led by JP Morgan Chase & Company. As of Sep 29, 2022, the company held over 14.66 million shares (or 9.53% of shares), all amounting to roughly $348.37 million.

The next major institution holding the largest number of shares is Altimeter Capital Management, LP with 13.72 million shares, or about 8.92% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $326.04 million.

We also have Smallcap World Fund and Vanguard Total Stock Market Index Fund as the top two Mutual Funds with the largest holdings of the Confluent Inc. (CFLT) shares. Going by data provided on Dec 30, 2022, Smallcap World Fund holds roughly 5.71 million shares. This is just over 3.71% of the total shares, with a market valuation of $126.99 million. Data from the same date shows that the other fund manager holds a little less at 3.36 million, or 2.19% of the shares, all valued at about 79.87 million.

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