Cellebrite DI (NASDAQ:CLBT) Stock Price Down 5.5% - Here's Why

Key Points

• Cellebrite DI shares fell 5.5% to approximately $10.75, with trading volume about 48% below the average daily level.
• Analysts remain broadly positive, with five Buy ratings and one Sell rating; however, several firms recently reduced their price targets. The consensus rating is “Moderate Buy,” with a $16.70 target.
• Insiders sold 329,658 shares worth nearly $5.0 million over the past three months, while institutional investors and hedge funds own 45.88% of the company.

Shares of Cellebrite DI Ltd. (NASDAQ:CLBT - Get Free Report) dropped 5.5% on Friday. The company traded as low as $10.79 and last traded at $10.7460. Approximately 1,192,981 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,302,852 shares. The stock had previously closed at $11.37.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CLBT. Needham & Company LLC reduced their price target on shares of Cellebrite DI from $15.00 to $12.50 and set a "buy" rating for the company in a report on Friday, August 14th. Weiss Ratings cut Cellebrite DI from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 27th. DA Davidson restated a "buy" rating and set a $15.00 price objective on shares of Cellebrite DI in a research report on Tuesday, September 15th. JPMorgan Chase & Co. decreased their price target on shares of Cellebrite DI from $20.00 to $16.00 and set an "overweight" rating on the stock in a research note on Friday, August 14th. Finally, Lake Street Capital dropped their price objective on shares of Cellebrite DI from $21.00 to $15.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.70.

Cellebrite DI Trading Down 4.4%

The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 49.16, a P/E/G ratio of 1.79 and a beta of 1.15. The company has a 50 day simple moving average of $12.85 and a 200-day simple moving average of $13.45.

Insider Buying and Selling

In other Cellebrite DI news, CFO David Barter sold 41,734 shares of Cellebrite DI stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $16.38, for a total transaction of $683,602.92. Following the transaction, the chief financial officer directly owned 334,219 shares of the company's stock, valued at approximately $5,474,507.22. The trade was a 11.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO David Gee sold 4,323 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $11.36, for a total transaction of $49,109.28. Following the completion of the transaction, the chief marketing officer owned 135,281 shares in the company, valued at $1,536,792.16. This trade represents a 3.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 329,658 shares of company stock worth $4,970,967 over the last three months. Company insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Cellebrite DI

Institutional investors have recently modified their holdings of the company. Elevation Wealth Partners LLC bought a new stake in Cellebrite DI during the 2nd quarter valued at $44,000. PNC Financial Services Group Inc. grew its holdings in shares of Cellebrite DI by 59.6% during the first quarter. PNC Financial Services Group Inc. now owns 7,456 shares of the company's stock valued at $103,000 after buying an additional 2,785 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Cellebrite DI by 91.1% during the first quarter. Pacer Advisors Inc. now owns 7,607 shares of the company's stock valued at $105,000 after buying an additional 3,626 shares during the last quarter. Quantinno Capital Management LP bought a new stake in shares of Cellebrite DI during the first quarter worth about $150,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Cellebrite DI in the 4th quarter worth about $229,000. 45.88% of the stock is owned by institutional investors and hedge funds.

Cellebrite DI Company Profile

Cellebrite DI Ltd. NASDAQ: CLBT develops digital intelligence and digital forensics solutions for law enforcement, public safety, government agencies and enterprises. Its technology helps authorized users access, collect, protect and analyze digital evidence from mobile devices, computers, cloud environments and other connected sources.

The company's product portfolio includes UFED tools for mobile-device data collection, Inseyets for digital forensics investigations, and analytics and case-management solutions such as Pathfinder and Guardian.

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