Norges Bank Acquires New Holdings in Global-e Online Ltd. $GLBE

Norges Bank bought a new position in Global-e Online Ltd. (NASDAQ:GLBE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,300,016 shares of the company’s stock, valued at approximately $51,104,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wasatch Advisors LP lifted its holdings in Global-e Online by 231.8% in the second quarter. Wasatch Advisors LP now owns 3,424,182 shares of the company’s stock valued at $114,847,000 after acquiring an additional 2,392,124 shares during the period. Arohi Asset Management PTE Ltd. increased its position in shares of Global-e Online by 91.0% during the 2nd quarter. Arohi Asset Management PTE Ltd. now owns 2,822,884 shares of the company’s stock valued at $94,680,000 after purchasing an additional 1,345,156 shares during the last quarter. Menora Mivtachim Holdings LTD. increased its position in shares of Global-e Online by 4,543.4% during the 3rd quarter. Menora Mivtachim Holdings LTD. now owns 1,296,424 shares of the company’s stock valued at $46,360,000 after purchasing an additional 1,268,504 shares during the last quarter. Spyglass Capital Management LLC lifted its stake in shares of Global-e Online by 63.0% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,703,171 shares of the company’s stock worth $96,665,000 after purchasing an additional 1,044,960 shares during the period. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Global-e Online by 197.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,545,096 shares of the company’s stock worth $51,823,000 after purchasing an additional 1,026,316 shares during the period. 94.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Shahar Tamari sold 8,333 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $33.59, for a total transaction of $279,905.47. Following the sale, the chief operating officer directly owned 4,033,875 shares of the company’s stock, valued at $135,497,861.25. This represents a 0.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amir Schlachet sold 16,666 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $33.34, for a total value of $555,644.44. Following the transaction, the chief executive officer owned 4,216,724 shares of the company’s stock, valued at $140,585,578.16. This represents a 0.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 231,554 shares of company stock valued at $7,645,702 in the last quarter. 11.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on GLBE shares. Bank of America initiated coverage on shares of Global-e Online in a research report on Tuesday, March 31st. They set a “buy” rating and a $43.00 target price for the company. Needham & Company LLC reiterated a “buy” rating on shares of Global-e Online in a research report on Wednesday, May 27th. Benchmark reiterated a “buy” rating on shares of Global-e Online in a research report on Wednesday, May 27th. Weiss Ratings downgraded shares of Global-e Online from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 8th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $40.00 price objective on shares of Global-e Online in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Global-e Online presently has an average rating of “Moderate Buy” and a consensus price target of $43.92.

Global-e Online Price Performance

GLBE opened at $32.13 on Monday. The company has a market capitalization of $5.45 billion, a PE ratio of 49.43 and a beta of 1.16. The firm has a 50-day simple moving average of $30.94 and a two-hundred day simple moving average of $34.78. Global-e Online Ltd. has a 52 week low of $26.84 and a 52 week high of $41.94.

Global-e Online (NASDAQ:GLBE) last issued its earnings results on Wednesday, May 13th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.09. Global-e Online had a return on equity of 12.64% and a net margin of 11.37%.The firm had revenue of $252.09 million for the quarter, compared to analysts’ expectations of $250.78 million. During the same period in the previous year, the firm posted ($0.11) earnings per share. The business’s revenue was up 32.8% compared to the same quarter last year. As a group, sell-side analysts expect that Global-e Online Ltd. will post 1.12 earnings per share for the current year.

Global-e Online Profile

Global-e Online Ltd. (NASDAQ: GLBE) is a leading cross-border e-commerce platform that enables online merchants to expand sales internationally. The company’s cloud-based solution integrates with major e-commerce systems to offer localized checkout experiences, dynamic currency conversion, import duties and taxes calculation, fraud prevention, and compliance with local trade regulations. By managing the end-to-end complexities of global transactions, Global-e helps retailers streamline their international operations and deliver a seamless shopping experience to customers worldwide.

Central to Global-e’s offering is a comprehensive suite of services that includes customizable checkout in the buyer’s local language, real-time display of prices in over 140 currencies, support for region-specific payment methods, and transparent calculation of duties and taxes at point of sale.