Why Confluent Stock Is Sinking Today
Confluent (NASDAQ: CFLT) stock is seeing a big valuation pullback Friday. The company's share price was down 7.9% as of 2:30 p.m. ET, and had been down as much as 11% earlier in trading.
Confluent is moving lower today following a significant insider selling disclosure. The company submitted a filing to the Securities and Exchange Commission (SEC) revealing that co-founder and CEO Jay Kreps planned to sell a substantial amount of company stock.
In a filing with the SEC yesterday, Confluent disclosed that CEO Jay Kreps planned to sell 465,000 shares of company common stock. The value of the stock to be sold was put at roughly $14.97 million in the filing, and yesterday was listed as the approximate date on which the shares would be sold. Prior to the new stock sale, Kreps had sold 232,500 shares over the preceding three months.
Source Fool.com
