CFLT - Down 33% From Its 52-Week High This Nasdaq Stock Could Jump 80% in 3 Years
2023-05-12 05:31:00 ET
Shares of data streaming platform provider Confluent (NASDAQ: CFLT) have underperformed the stock market in 2023, failing to take advantage of the rally in technology stocks. While the tech-heavy Nasdaq-100 Technology Sector index is up more than 16% so far this year, Confluent stock has gained just 1%. It's also worth noting that the stock is down 33% from its 52-week high.
Instead of being discouraged, investors should look at this situation as an opportunity to buy this potential growth stock at an attractive valuation. Let's look at the reasons why they may not want to miss out on this Nasdaq growth stock.
Confluent released its first-quarter 2023 results on May 3. The company's revenue jumped 38% year over year to $174 million, driven by the growing adoption of its cloud platform and a ramp up in spending by customers. It beat Wall Street's revenue and bottom-line expectations handsomely and delivered a bright full-year forecast .
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Down 33% From Its 52-Week High, This Nasdaq Stock Could Jump 80% in 3 Years