CFLT - This Unstoppable Nasdaq Stock Could Jump Another 80%
2023-08-10 09:10:00 ET
The Nasdaq Composite index has been in fine form so far this year with gains of 31%, driven by an impressive rally in tech stocks that are benefiting from the cooling inflation and the growing popularity of trends such as artificial intelligence and cloud computing. Confluent (NASDAQ: CFLT) , which is one of the components of the Nasdaq Composite index, has benefited big time from this surge as its shares are up nearly 52% in 2023.
The good part is that Confluent's rally seems set to continue. Shares of the data streaming platform provider jumped 16% after the company released its second-quarter 2023 results on Aug. 2, as it comprehensively beat Wall Street's expectations on both revenue and earnings.
What's more, Confluent's guidance for the current quarter turned out to be way better than expectations. This wasn't surprising, as the company is on track to take advantage of a massive multi-billion-dollar market opportunity.
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This Unstoppable Nasdaq Stock Could Jump Another 80%