Shares of Confluent (NASDAQ: CFLT) started 2024 on a positive note. They shot up nearly 50% in the first two months of 2024. But things have since been going downhill for the data streaming provider, as it has fallen 36% from its year-to-date high.

Confluent stock is now down for the year, underperforming the Nasdaq-100 Technology Sector index. The stock received another hammering following the release of its second-quarter results on July 31, dropping 18% in a single session.

However, a closer look at Confluent's quarterly performance and the end-market opportunity that it's sitting on indicates buying this tech stock could turn out to be a smart long-term move.

Continue reading

Source Fool.com