CFLT - Why Confluent Stock Is Sinking Today
2023-06-14 15:50:48 ET
Shares of Confluent (NASDAQ: CFLT) are losing ground in Wednesday's trading following a downgrade from an analyst firm. The data software company's stock was down 7.9% as of 3:15 p.m. ET, according to data from S&P Global Market Intelligence .
Guggenheim analysts published a note on Confluent this morning, downgrading the stock from buy to neutral. An insider selling disclosure published with the Securities and Exchange Commission (SEC) published the day before may also be factoring into the stock's sell-off.
In addition to lowering their rating on the stock, Guggenheim's analysts removed their one-year price target of $29 per share on the stock. With the stock trading at roughly $37 per share prior to the note's publication, the analyst target had already been met and exceeded, but the decision not to issue a price target at least on par with its current valuation level sent warning signs to investors.
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Why Confluent Stock Is Sinking Today