Global-e Online (NASDAQ:GLBE) Rating Lowered to Sell at Truist Financial

Global-e Online (NASDAQ:GLBE) was downgraded by investment analysts at Truist Financial from a “hold” rating to a “sell” rating in a report issued on Thursday, Marketbeat reports.

GLBE has been the subject of a number of other research reports. Needham & Company LLC upped their price objective on Global-e Online from $40.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, December 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Global-e Online in a research note on Monday. Piper Sandler increased their price target on shares of Global-e Online from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, November 20th. Benchmark restated a “buy” rating on shares of Global-e Online in a report on Monday, November 17th. Finally, The Goldman Sachs Group upped their target price on shares of Global-e Online from $39.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.91.

Global-e Online Price Performance

Shares of NASDAQ GLBE opened at $39.10 on Thursday. Global-e Online has a fifty-two week low of $26.64 and a fifty-two week high of $63.69. The firm has a market capitalization of $6.64 billion, a P/E ratio of 1,297.37 and a beta of 1.24. The company’s 50 day simple moving average is $36.46 and its 200 day simple moving average is $34.64.

Global-e Online (NASDAQ:GLBE) last issued its earnings results on Wednesday, November 19th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $220.78 million during the quarter, compared to analysts’ expectations of $217.95 million. Global-e Online had a net margin of 0.82% and a return on equity of 0.81%. The business’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.13) EPS. Sell-side analysts expect that Global-e Online will post 0.25 EPS for the current fiscal year.

Global-e Online declared that its board has initiated a share buyback program on Thursday, September 4th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Global-e Online

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dragoneer Investment Group LLC raised its stake in shares of Global-e Online by 18.2% during the 3rd quarter. Dragoneer Investment Group LLC now owns 11,887,078 shares of the company’s stock worth $425,082,000 after purchasing an additional 1,831,063 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Global-e Online by 6.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,769,843 shares of the company’s stock worth $170,045,000 after acquiring an additional 308,218 shares in the last quarter. Arohi Asset Management PTE Ltd. raised its position in Global-e Online by 33.1% during the third quarter. Arohi Asset Management PTE Ltd. now owns 3,757,091 shares of the company’s stock worth $134,354,000 after acquiring an additional 934,207 shares in the last quarter. Marshall Wace LLP lifted its stake in Global-e Online by 182.0% in the second quarter. Marshall Wace LLP now owns 3,656,115 shares of the company’s stock valued at $122,626,000 after acquiring an additional 2,359,435 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Global-e Online by 27.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,617,284 shares of the company’s stock valued at $121,324,000 after acquiring an additional 770,028 shares during the period. 94.60% of the stock is currently owned by institutional investors and hedge funds.

About Global-e Online

Global-E Online Ltd., together with its subsidiaries, provides a platform to enable and accelerate direct-to-consumer cross-border e-commerce in Israel, the United Kingdom, the United States, and internationally. Its platform enables international shoppers to buy online and merchants to sell from, and to, worldwide.