Cellebrite DI (NASDAQ:CLBT) Shares Up 3% After Better-Than-Expected Earnings

Cellebrite DI Ltd. (NASDAQ:CLBT)’s share price was up 3% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $14.54 and last traded at $14.40. Approximately 973,332 shares traded hands during trading, a decline of 38% from the average daily volume of 1,565,494 shares. The stock had previously closed at $13.99.

The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.01. The firm had revenue of $113.28 million for the quarter, compared to the consensus estimate of $112.33 million. Cellebrite DI had a negative net margin of 46.34% and a positive return on equity of 35.36%. The firm’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.10 earnings per share.

Analyst Ratings Changes

Several analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Cellebrite DI from $29.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday, May 12th. Needham & Company LLC reduced their price target on shares of Cellebrite DI from $24.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Wall Street Zen downgraded shares of Cellebrite DI from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.57.

Hedge Funds Weigh In On Cellebrite DI

A number of institutional investors have recently modified their holdings of CLBT. Axon Enterprise Inc. acquired a new position in shares of Cellebrite DI in the fourth quarter valued at approximately $198,270,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of Cellebrite DI in the first quarter valued at approximately $60,939,000. Invesco Ltd. raised its position in shares of Cellebrite DI by 122.1% in the first 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. Handelsbanken Fonder AB raised its position in shares of Cellebrite DI by 749.9% in the first quarter. Handelsbanken Fonder AB now owns 1,518,700 shares of the company’s stock valued at $29,508,000 after buying an additional 1,340,000 shares during the last quarter. Finally, Voss Capital LP raised its position in shares of Cellebrite DI by 34.0% in the second quarter. Voss Capital LP now owns 5,150,000 shares of the company’s stock valued at $82,400,000 after buying an additional 1,306,398 shares during the last quarter. Institutional investors and hedge funds own 45.88% of the company’s stock.

Cellebrite DI Price Performance

The business’s 50-day moving average price is $15.00 and its two-hundred day moving average price is $17.88. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of -15.93, a price-to-earnings-growth ratio of 2.82 and a beta of 1.27.

Cellebrite DI Company Profile

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.