Cellebrite DI (NASDAQ:CLBT) Stock Price Up 5.3% on Strong Earnings

Cellebrite DI Ltd. (NASDAQ:CLBT) rose 5.3% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $12.38 and last traded at $12.22. Approximately 345,998 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 859,431 shares. The stock had previously closed at $11.61.

The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm had revenue of $89.60 million during the quarter, compared to analysts’ expectations of $85.34 million. Cellebrite DI had a positive return on equity of 220.14% and a negative net margin of 32.57%. The company’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Craig Hallum upped their target price on Cellebrite DI from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, April 1st. William Blair raised Cellebrite DI from a “market perform” rating to an “outperform” rating in a research note on Wednesday, March 13th. Lake Street Capital started coverage on Cellebrite DI in a report on Friday, April 19th. They issued a “buy” rating and a $13.00 target price for the company. Bank of America upped their target price on Cellebrite DI from $12.00 to $13.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, Needham & Company LLC increased their price objective on Cellebrite DI from $13.50 to $14.00 and gave the company a “buy” rating in a report on Friday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Cellebrite DI presently has a consensus rating of “Buy” and a consensus target price of $13.17.

Institutional Investors Weigh In On Cellebrite DI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cellebrite DI by 44.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,091 shares of the company’s stock valued at $115,000 after purchasing an additional 4,672 shares in the last quarter. Mawer Investment Management Ltd. increased its holdings in shares of Cellebrite DI by 8.4% in the third quarter. Mawer Investment Management Ltd. now owns 323,310 shares of the company’s stock worth $2,473,000 after buying an additional 25,159 shares during the period. Jump Financial LLC increased its holdings in shares of Cellebrite DI by 78.9% in the third quarter. Jump Financial LLC now owns 67,800 shares of the company’s stock worth $519,000 after buying an additional 29,900 shares during the period. Barclays PLC increased its holdings in shares of Cellebrite DI by 14.5% in the third quarter. Barclays PLC now owns 15,608 shares of the company’s stock worth $119,000 after buying an additional 1,982 shares during the period. Finally, New York State Common Retirement Fund increased its holdings in shares of Cellebrite DI by 166.0% in the third quarter. New York State Common Retirement Fund now owns 15,440 shares of the company’s stock worth $118,000 after buying an additional 9,635 shares during the period. Hedge funds and other institutional investors own 45.88% of the company’s stock.

Cellebrite DI Stock Down 6.6 %

The company has a 50 day moving average of $11.11 and a 200-day moving average of $9.89.

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.