Cellebrite DI (NASDAQ:CLBT) Trading Down 7.2% After Earnings Miss

Cellebrite DI Ltd. (NASDAQ:CLBT - Get Free Report)'s stock price fell 7.2% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $21.80 and last traded at $23.13. 1,094,046 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 1,757,342 shares. The stock had previously closed at $24.92.

The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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%.

Analysts Set New Price Targets

CLBT has been the topic of several recent research reports. Needham & Company LLC reiterated a "buy" rating and issued a $28.00 price target on shares of Cellebrite DI in a research note on Friday. Lake Street Capital upped their target price on Cellebrite DI from $17.00 to $26.00 and gave the stock a "buy" rating in a report on Friday. Craig Hallum raised their price target on Cellebrite DI from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. raised their price target on Cellebrite DI from $24.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, February 11th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $23.43.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CLBT. Axon Enterprise Inc. bought a new position in Cellebrite DI during the fourth quarter worth $198,270,000. FMR LLC boosted its holdings in shares of Cellebrite DI by 89.1% during the fourth quarter. FMR LLC now owns 10,621,344 shares of the company's stock worth $233,988,000 after acquiring an additional 5,004,587 shares during the period. True Wind Capital Management L.P. boosted its holdings in shares of Cellebrite DI by 18.2% during the fourth quarter. True Wind Capital Management L.P. now owns 13,861,007 shares of the company's stock worth $305,358,000 after acquiring an additional 2,130,386 shares during the period. Invesco Ltd. bought a new stake in shares of Cellebrite DI during the fourth quarter worth approximately $32,700,000. Finally, Principal Financial Group Inc. bought a new stake in shares of Cellebrite DI during the third quarter worth approximately $23,402,000. 45.88% of the stock is currently owned by institutional investors.

Cellebrite DI Trading Down 5.5 %

The company has a 50 day moving average of $22.57 and a 200-day moving average of $19.23. The firm has a market capitalization of $4.22 billion, a P/E ratio of -13.23, a P/E/G ratio of 3.72 and a beta of 1.47.

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.