CFLT - 1 Spectacular Growth Stock Down 67% to Buy Hand Over Fist According to Wall Street
2024-05-12 06:57:00 ET
Confluent (NASDAQ: CFLT) is a leader in data streaming, which is the technology responsible for many of our live digital experiences. For example, it's the magic behind real-time inventory information when we shop online, which tells us whether a product is in stock before we hit the buy button.
Confluent just reported its financial results for the first quarter of 2024 (ended March 31), which revealed further progress toward capturing what could be a $100 billion addressable market in 2025. Its stock popped following the release, and it's sitting on a 36% gain this year so far -- but it remains 67% below its all-time high, so it still has some work to do.
The Wall Street Journal tracks 29 analysts covering Confluent stock, and the majority have given it the highest possible buy rating. Not a single one recommends selling. Wall Street doesn't always get things right, but here's why investors might want to pay attention to the bullish consensus on this occasion.
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1 Spectacular Growth Stock Down 67% to Buy Hand Over Fist, According to Wall Street