Connor Clark & Lunn Investment Management Ltd. Sells 325,883 Shares of Cellebrite DI Ltd. (NASDAQ:CLBT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Cellebrite DI Ltd. by 35.9%, selling 325,883 shares and now holding 581,744 shares.
• Despite the decrease in shares held by some investors, several hedge funds have increased their positions in Cellebrite DI, with notable acquisitions totaling over $350,000.
• Cellebrite DI's stock was severely impacted after recent ratings changes, with Needham & Company maintaining a "buy" rating but others reducing their ratings and price targets.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Cellebrite DI Ltd. (NASDAQ:CLBT - Free Report) by 35.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 581,744 shares of the company's stock after selling 325,883 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.24% of Cellebrite DI worth $11,303,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Axon Enterprise Inc. bought a new stake in Cellebrite DI during the fourth quarter valued at about $198,270,000. Voss Capital LP boosted its holdings in Cellebrite DI by 1.2% during the fourth quarter. Voss Capital LP now owns 3,240,000 shares of the company's stock valued at $71,377,000 after acquiring an additional 39,700 shares during the period. Two Sigma Advisers LP boosted its holdings in Cellebrite DI by 35.0% during the fourth quarter. Two Sigma Advisers LP now owns 1,811,100 shares of the company's stock valued at $39,899,000 after acquiring an additional 470,000 shares during the period. Handelsbanken Fonder AB boosted its holdings in Cellebrite DI by 749.9% during the first quarter. Handelsbanken Fonder AB now owns 1,518,700 shares of the company's stock valued at $29,508,000 after acquiring an additional 1,340,000 shares during the period. Finally, Invesco Ltd. bought a new stake in Cellebrite DI during the fourth quarter valued at about $32,700,000. 45.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wall Street Zen lowered shares of Cellebrite DI from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Needham & Company LLC dropped their price target on shares of Cellebrite DI from $24.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. dropped their price target 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, May 12th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $21.57.

Cellebrite DI Stock Performance

Shares of NASDAQ CLBT traded up $1.30 during mid-day trading on Thursday, hitting $15.29. 10,671,020 shares of the stock were exchanged, compared to its average volume of 1,628,538. The company has a market cap of $3.66 billion, a P/E ratio of -15.93, a PEG ratio of 2.81 and a beta of 1.27. The stock's fifty day simple moving average is $15.03 and its two-hundred day simple moving average is $17.93. Cellebrite DI Ltd. has a twelve month low of $13.10 and a twelve month high of $26.30.

Cellebrite DI (NASDAQ:CLBT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.01. The firm had revenue of $113.28 million for the quarter, compared to analysts' expectations of $112.33 million. Cellebrite DI had a negative net margin of 46.34% and a positive return on equity of 35.36%. The business's revenue for the quarter was up 18.4% on a year-over-year basis. During the same period last year, the firm earned $0.10 earnings per share. As a group, equities research analysts predict that Cellebrite DI Ltd. will post 0.3 earnings per share for the current fiscal year.

Cellebrite DI 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.