Is Confluent Stock Still a Buy After Jumping 73%?
The initial public offering (IPO) class of 2021 had a rough start to their public lives. Many of the 980 or so IPOs launched in 2021 fell lower than their initial public price over the first few months of trading as a stock. At least one published report said that only 34% of 2021's IPOs are trading above their initial price, resulting in an average 9% decline for all IPOs last year.
Confluent (NASDAQ: CFLT) falls into the group trading above IPO. Shares of the tech company are up about 73% since coming public in June 2021. And that rise is despite the stock being down about 34% from 52-week highs set in early November.
Image source: Getty Images.
Source Fool.com
