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Would I Choose Confluent Inc (NASDAQ: CFLT) Stock At Any Point In Time?

Confluent Inc (NASDAQ:CFLT) price is hovering lower on Monday, November 20, dropping -0.53% below its previous close.

A look at today’s price movement shows that the recent level at last check reads $19.01, with intraday deals fluctuating between $18.625 and $19.15. The company’s 5Y monthly beta was ticking 1.02. Taking into account the 52-week price action we note that the stock hit a 52-week high of $41.22 and 52-week low of $14.69. The stock subtracted -33.93% on its value in the past month.

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Confluent Inc, which has a market valuation of $5.82 billion, is expected to release its quarterly earnings report Jan 29, 2024 – Feb 02, 2024. Analysts tracking CFLT have forecast the quarterly EPS to grow by 0.05 per share this quarter, while the same analysts predict the annual EPS to hit $0 for the year 2023 and up to $0.16 for 2024.

On average, analysts have forecast the company’s revenue for the quarter will hit $204.96 million, with the likely lows of $203.8 million and highs of $211.36 million. The average estimate suggests sales growth for the quarter will likely rise by 21.50% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $768.7 million for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow 31.20% above that which the company brought in 2023.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give CFLT a short term outlook of 100% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Sell, while an average of long term indicators are currently assigning the stock as 50% Sell.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 27 analysts have assigned CFLT a recommendation rating as follows: 9 rate it as a Hold; 16 advise Buy while 1 analyst(s) assign an Overweight rating. 1 analyst(s) have tagged the Confluent Inc (CFLT) stock as Underweight, with 0 recommending Sell. In general, analysts have rated the stock Overweight, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that CFLT’s price is at present -14.12% off the SMA20 and -30.21% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 35.86, with weekly volatility standing at 5.01%. The indicator jumps to 6.44% when calculated based on the past 30 days. Confluent Inc (NASDAQ:CFLT)’s beta value is holding at 0.65, while the average true range (ATR) indicator is currently reading 1.66. Considering analysts have assigned the stock a price target range of $19.00-$37.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $24.73. Based on this estimate, we see that today’s price at last check is roughly -0.48% off the estimated low and -95.66% off the forecast high. Investors will no doubt be excited to see the share price fall to $24.00, which is the median consensus price, and at that level CFLT would be -26.92% from recent price.

An analysis of the Confluent Inc (NASDAQ:CFLT) stock in terms of its daily trading volume indicates that the 3-month average is 5.06 million. However, this figure increases on the past 10-day timeline to an average of 6.74 million.

Current records show that the company has 307.88M in outstanding shares. The insiders’ percentage holdings are 32.94% of outstanding shares while the percentage share held by institutions stands at 62.51%. The stats also highlight that short interest as of Oct 30, 2023, stood at 25.26 million shares, which puts the short ratio at the time at 7.92. From this we can glean that short interest is 8.20% of company’s current outstanding shares. Notably, we see that shares short in October fall slightly given the previous month’s figure stood at 26.04 million. But the -14.97% downside, the stock’s price has registered year-to-date as of today’s value, will likely reignite investor interest given the prospect of it rallying even higher.