Cellebrite DI (NASDAQ:CLBT) Shares Gap Down After Analyst Downgrade

Cellebrite DI Ltd. (NASDAQ:CLBT) shares gapped down before the market opened on Wednesday after Needham & Company LLC lowered their price target on the stock from $28.00 to $24.00. The stock had previously closed at $20.12, but opened at $16.91. Needham & Company LLC currently has a buy rating on the stock. Cellebrite DI shares last traded at $18.32, with a volume of 1,484,932 shares.

CLBT has been the subject of a number of other research reports. JPMorgan Chase & Co. dropped their target price on shares of Cellebrite DI from $29.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday. Lake Street Capital increased their price objective on shares of Cellebrite DI from $17.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cellebrite DI has an average rating of “Buy” and a consensus target price of $22.43.

Hedge Funds Weigh In On Cellebrite DI

Several institutional investors and hedge funds have recently made changes to their positions in the business. True Wind Capital Management L.P. boosted its stake in shares of Cellebrite DI by 18.2% during the 4th quarter. True Wind Capital Management L.P. now owns 13,861,007 shares of the company’s stock valued at $305,358,000 after buying an additional 2,130,386 shares during the last quarter. FMR LLC boosted its stake in shares of Cellebrite DI by 89.1% during the 4th quarter. FMR LLC now owns 10,621,344 shares of the company’s stock valued at $233,988,000 after buying an additional 5,004,587 shares during the last quarter. Axon Enterprise Inc. purchased a new position in shares of Cellebrite DI during the 4th quarter valued at approximately $198,270,000. Voss Capital LP boosted its stake in shares of Cellebrite DI by 18.6% during the 1st quarter. Voss Capital LP now owns 3,843,602 shares of the company’s stock valued at $74,681,000 after buying an additional 603,602 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Cellebrite DI by 122.1% during the 1st quarter. Invesco Ltd. now owns 3,296,079 shares of the company’s stock valued at $64,043,000 after buying an additional 1,811,757 shares during the last quarter. 45.88% of the stock is currently owned by hedge funds and other institutional investors.

Cellebrite DI Stock Performance

The company has a market capitalization of $4.14 billion, a PE ratio of -12.42, a PEG ratio of 4.27 and a beta of 1.44. The company has a 50 day moving average price of $19.02 and a 200 day moving average price of $20.24.

Cellebrite DI (NASDAQ:CLBT) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.03). Cellebrite DI had a positive return on equity of 58.70% and a negative net margin of 70.54%. On average, equities analysts forecast that Cellebrite DI Ltd. will post 0.3 earnings per share for the current fiscal year.

About Cellebrite DI

Cellebrite DI Ltd. develops solutions for legally sanctioned investigations in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company's DI suite of solutions allows users to collect, review, analyze, and manage digital data across the investigative lifecycle with respect to legally sanctioned investigations used in various cases, including child exploitation, homicide, anti-terror, border control, sexual crimes, human trafficking, corporate security, cryptocurrency, and intellectual property theft.