Fluent: Low Valuation In A Growing Sector

Fluent is rated BUY, driven by strong 2Q26 results and secular growth in commerce media advertising. FLNT's commerce media solutions segment now dominates revenue, growing 90% YoY, with CMS gross margins expanding to 27%. Forward EV/Sales multiple of 0.7x is materially below sector median, despite management guiding for double-digit revenue growth and EBITDA profitability by 4Q26.