Global-E Online (NASDAQ:GLBE) Stock Price Down 3.4% – Here’s What Happened

Global-E Online Ltd. (NASDAQ:GLBE) shares fell 3.4% during mid-day trading on Monday . The company traded as low as $32.31 and last traded at $32.58. 1,135,302 shares changed hands during trading, a decline of 17% from the average session volume of 1,362,852 shares. The stock had previously closed at $33.71.

Analyst Ratings Changes

A number of brokerages have commented on GLBE. Benchmark reduced their price target on shares of Global-E Online from $68.00 to $64.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. UBS Group lowered their price objective on shares of Global-E Online from $68.00 to $64.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Wells Fargo & Company lowered their price target on Global-E Online from $60.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. The Goldman Sachs Group reduced their target price on Global-E Online from $59.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Morgan Stanley raised shares of Global-E Online from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $55.00 to $46.00 in a research note on Wednesday, March 26th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $57.00.

Global-E Online Stock Performance

The firm has a market capitalization of $5.46 billion, a PE ratio of -73.00, a price-to-earnings-growth ratio of 4.61 and a beta of 1.36. The firm’s 50 day moving average price is $41.54 and its 200-day moving average price is $46.14.

Global-E Online (NASDAQ:GLBE) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. Global-E Online had a negative return on equity of 8.56% and a negative net margin of 10.04%. The company had revenue of $262.91 million for the quarter, compared to analyst estimates of $250.96 million. During the same quarter last year, the firm posted $0.22 EPS. The firm’s revenue for the quarter was up 41.8% on a year-over-year basis. On average, equities research analysts expect that Global-E Online Ltd. will post 0.25 earnings per share for the current fiscal year.

Institutional Trading of Global-E Online

Several hedge funds have recently made changes to their positions in the business. Fred Alger Management LLC lifted its stake in Global-E Online by 204.6% in the fourth quarter. Fred Alger Management LLC now owns 4,239,470 shares of the company’s stock worth $231,178,000 after acquiring an additional 2,847,868 shares during the last quarter. Contour Asset Management LLC lifted its holdings in Global-E Online by 9.1% during the 4th quarter. Contour Asset Management LLC now owns 2,646,906 shares of the company’s stock worth $144,336,000 after buying an additional 220,519 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Global-E Online by 1.5% in the 4th quarter. Clearbridge Investments LLC now owns 2,268,618 shares of the company’s stock valued at $123,708,000 after acquiring an additional 34,391 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Global-E Online by 40.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,846,479 shares of the company’s stock worth $70,979,000 after acquiring an additional 533,675 shares in the last quarter. Finally, State Street Corp lifted its stake in Global-E Online by 3.7% during the third quarter. State Street Corp now owns 1,550,647 shares of the company’s stock worth $59,607,000 after purchasing an additional 55,760 shares during the last quarter. Institutional investors and hedge funds own 94.60% of the company’s stock.

Global-E Online Company Profile

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.