1 Growth Stock Down 78% to Buy Right Now

Shares of Confluent (NASDAQ: CFLT) have been hammered since its IPO in June 2021, down 54% from their IPO price and 78% from their all-time highs.

But these lows don't mean that the data streaming platform has flopped. In fact, it's seeing incredible adoption, likely because of its market-leading products. The company runs a managed Apache Kafka service, allowing enterprises to analyze data in real-time and at scale, which was not commonplace in the past.

Before Kafka, most data was processed on a daily basis rather than in real time. But many businesses want and need real-time insights into their data. The open-sourced Kafka platform allows businesses -- including more than 80% of the Fortune 100 -- to do this for free. The catch is that Kafka can be difficult to scale across an entire business, so Confluent -- which was founded by the same developers that created Kafka -- makes services more scalable, cost-efficient, and reliable than they would be if companies relied on Kafka alone.

Source Fool.com