Why Software Company Cellebrite Shares Are Up Today
Portfolio Pulse from Lekha Gupta
Cellebrite DI Ltd. (NASDAQ: CLBT) shares are up after reporting strong Q1 FY24 results, with revenue and adjusted EPS beating expectations. The company sees favorable customer budgets and reaffirms its outlook for the year. Investors can also gain exposure through ARK Israel Innovative Technology ETF (BATS: IZRL).
May 23, 2024 | 4:58 pm
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POSITIVE IMPACT
Cellebrite DI Ltd. reported strong Q1 FY24 results, with revenue rising 26% Y/Y to $89.6 million, beating the consensus of $87.8 million. Adjusted EPS of $0.08 topped the consensus of $0.06. The company reaffirmed its positive outlook for the year.
The strong financial performance and positive outlook are likely to boost investor confidence, leading to a short-term increase in the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Cellebrite's positive performance through the ARK Israel Innovative Technology ETF, which includes CLBT in its portfolio.
As CLBT is part of IZRL's portfolio, the positive performance of Cellebrite is likely to have a favorable impact on the ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50