Jim Cramer Does Not Like These 5 Stocks

3. Confluent Inc (NASDAQ:CFLT)

Number of Hedge Fund Investors: 43

Jim Cramer recently said during his program on CNBC that Confluent Inc (NASDAQ:CFLT) had “some issues” involving their financials and that’s why he’d “hold off” on buying the stock. Cramer said on his program Mad Money that he does not “back” companies whose financials are not “pristine.”

Confluent Inc (NASDAQ:CFLT) shares have gained about 43% year to date through March 10.

Last month, Confluent Inc (NASDAQ:CFLT) posted fourth quarter results. Adjusted EPS in the quarter came in at $0.09, beating estimates by $0.04. Revenue in the period jumped 26% year over year to $213 million, surpassing estimates by $7.72 million.

Alger Small Cap Growth Fund stated the following regarding Confluent, Inc. (NASDAQ:CFLT) in its fourth quarter 2023 investor letter:

“Confluent, Inc. (NASDAQ:CFLT) is a software company that develops data streaming platforms, which connects a company’s systems, applications, and data layers in real-time. The platform allows businesses to process data continuously in real-time, which can improve workflows, automation, and customer experiences. During the quarter, shares detracted from performance after the company reported weaker-than-expected cloud het dollar retention, along with management lowering their fiscal fourth quarter outlook, citing incremental macroeconomic pressure and some larger customers migrating back to on-premise.”