Confluent, Inc. (NASDAQ:CFLT) shares are trading lower Thursday after the company reported third-quarter financial results after the market close on Wednesday.
The Details:
Confluent reported a loss of 30 cents per share, up from a loss of 41 cents per share year-over-year, and revenue of $200 million which beat the consensus estimate of $195.419 million.
The company also lowered its fourth-quarter revenue estimate to between $204 and $205 million versus the previous $212.6 million estimate.
After the release of the financial results and fourth-quarter forecast, several analysts updated ratings and price targets on Confluent:
- Barclays analyst Raimo Lenschow maintained Confluent with an Overweight and lowered the price target from $39 to $26.
- B of A Securities analyst Brad Sills downgraded Confluent from Neutral to Underperform and announced a $24 price target.
- Needham analyst Mike Cikos maintained Confluent with a Buy and lowered the price target from $45 to $23.
CFLT shares are dropping on heavy trading volume Thursday. According to data from Benzinga Pro, more than 25.9 million shares have been traded in the session, far exceeding the stock’s 100-day average of 3.677 million shares.
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CFLT Price Action: According to Benzinga Pro, shares are down more than 43% at $15.99 at the time of publication.
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