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

Key Points

• Cellebrite DI Ltd. shares rose by 3% after the company reported quarterly earnings of $0.12 per share, beating estimates of $0.11.
• The company's quarterly revenue increased by 18.4% compared to the same period last year, indicating growth despite a negative net margin of 46.34%.
• Wall Street analysts maintain a consensus price target of $22.43 for Cellebrite DI, with most analysts rating the stock as a "buy" or "hold."

Cellebrite DI Ltd. (NASDAQ:CLBT - Get Free Report) shot up 3% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $14.54 and last traded at $14.40. 973,332 shares were traded during mid-day trading, a decline of 38% from the average session volume of 1,565,494 shares. The stock had previously closed at $13.99.

The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.11 by $0.01. Cellebrite DI had a negative net margin of 46.34% and a positive return on equity of 35.36%. During the same period in the previous year, the company posted $0.10 earnings per share. Cellebrite DI's quarterly revenue was up 18.4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

CLBT has been the subject of several research reports. Needham & Company LLC reissued a "buy" rating and set a $24.00 price objective on shares of Cellebrite DI in a research note on Friday, June 6th. JPMorgan Chase & Co. lowered their price objective on shares of Cellebrite DI from $29.00 to $25.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. Finally, Wall Street Zen cut shares of Cellebrite DI from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $22.43.

Institutional Investors Weigh In On Cellebrite DI

Institutional investors have recently modified their holdings of the stock. Signaturefd LLC raised its stake in shares of Cellebrite DI by 68.3% in the 2nd quarter. Signaturefd LLC now owns 2,019 shares of the company's stock valued at $32,000 after purchasing an additional 819 shares in the last quarter. Assetmark Inc. acquired a new stake in shares of Cellebrite DI in the 1st quarter valued at about $33,000. PNC Financial Services Group Inc. raised its stake in shares of Cellebrite DI by 1,998.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,098 shares of the company's stock valued at $34,000 after purchasing an additional 1,998 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of Cellebrite DI in the 1st quarter valued at about $51,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Cellebrite DI in the 1st quarter valued at about $63,000. Institutional investors and hedge funds own 45.88% of the company's stock.

Cellebrite DI Trading Up 2.9%

The business's 50-day moving average is $15.03 and its two-hundred day moving average is $17.93. The firm has a market cap of $3.45 billion, a P/E ratio of -15.07, a P/E/G ratio of 2.81 and a beta of 1.27.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.