Cellebrite DI (NASDAQ:CLBT) Shares Down 7.2% on Disappointing Earnings

Shares of Cellebrite DI Ltd. (NASDAQ:CLBT) dropped 7.2% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $21.80 and last traded at $23.13. Approximately 1,094,046 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 1,757,342 shares. The stock had previously closed at $24.92.

The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.03). Cellebrite DI had a positive return on equity of 122.59% and a negative net margin of 82.28%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CLBT shares. Craig Hallum boosted their target price on Cellebrite DI from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC boosted their price target on Cellebrite DI from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cellebrite DI from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $22.14.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLBT. JPMorgan Chase & Co. lifted its stake in shares of Cellebrite DI by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 427,655 shares of the company’s stock worth $7,202,000 after buying an additional 75,092 shares in the last quarter. Telemark Asset Management LLC acquired a new stake in Cellebrite DI in the 3rd quarter valued at about $6,736,000. Two Sigma Advisers LP lifted its stake in Cellebrite DI by 9.8% in the 3rd quarter. Two Sigma Advisers LP now owns 1,341,100 shares of the company’s stock worth $22,584,000 after purchasing an additional 120,000 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Cellebrite DI by 65.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 157,671 shares of the company’s stock worth $3,473,000 after purchasing an additional 62,320 shares during the last quarter. Finally, State Street Corp grew its position in shares of Cellebrite DI by 7.3% in the third quarter. State Street Corp now owns 443,700 shares of the company’s stock valued at $7,472,000 after purchasing an additional 30,052 shares in the last quarter. Hedge funds and other institutional investors own 45.88% of the company’s stock.

Cellebrite DI Stock Down 7.3 %

The firm has a market capitalization of $4.76 billion, a PE ratio of -14.91, a price-to-earnings-growth ratio of 3.72 and a beta of 1.47. The business has a 50-day moving average price of $22.57 and a 200-day moving average price of $19.09.

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.