CFLT - This Revolutionary Growth Stock Is Down 36% Since Its IPO. Here's Why It's Time to Buy Now
An initial public offering ( IPO ) is when a private company looks for funding from the public and lists its shares on an exchange like the Nasdaq or the New York Stock Exchange. Its stock is then traded freely between investors, with its price determined by market forces.
Confluent (NASDAQ: CFLT) is a revolutionary data streaming company that hit the public markets on June 24, 2021, priced at $36 per share. It soared to an all-time high of $93.60 in the same year, but it has since fallen to just $23.03 amid the broader sell-off in the tech sector .
That means IPO investors would be sitting on a loss of 36%. But that result isn't necessarily reflective of the company's impressive progress. Here's why Confluent stock is a buy now.
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This Revolutionary Growth Stock Is Down 36% Since Its IPO. Here's Why It's Time to Buy Now