Short Interest in Global-E Online Ltd. (NASDAQ:GLBE) Declines By 9.5%

Global-E Online Ltd. (NASDAQ:GLBE) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 7,980,000 shares, a drop of 9.5% from the October 15th total of 8,820,000 shares. Based on an average trading volume of 926,100 shares, the short-interest ratio is currently 8.6 days. Approximately 8.4% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GLBE. Morgan Stanley downgraded Global-E Online from an “overweight” rating to an “equal weight” rating and set a $40.00 price objective for the company. in a report on Friday, October 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $48.00 price target on shares of Global-E Online in a research note on Monday. Bank of America decreased their price objective on shares of Global-E Online from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. UBS Group decreased their price objective on shares of Global-E Online from $50.00 to $48.00 and set a “buy” rating for the company in a report on Friday, October 18th. Finally, Piper Sandler reaffirmed a “buy” rating on shares of Global-E Online in a research report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.27.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC acquired a new stake in shares of Global-E Online in the second quarter valued at approximately $83,036,000. Brown Capital Management LLC acquired a new position in shares of Global-E Online in the first quarter valued at $69,352,000. Capital World Investors raised its position in shares of Global-E Online by 60.5% in the first quarter. Capital World Investors now owns 4,983,485 shares of the company’s stock valued at $181,150,000 after purchasing an additional 1,877,953 shares during the period. Fred Alger Management LLC acquired a new stake in shares of Global-E Online during the 3rd quarter worth about $53,493,000. Finally, Dragoneer Investment Group LLC boosted its holdings in shares of Global-E Online by 9.6% during the 2nd quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company’s stock worth $534,403,000 after buying an additional 1,288,829 shares during the period. Institutional investors and hedge funds own 94.60% of the company’s stock.

Global-E Online Trading Up 4.1 %

Shares of NASDAQ:GLBE traded up $1.69 during trading on Tuesday, hitting $42.51. 1,440,085 shares of the company’s stock traded hands, compared to its average volume of 1,089,198. Global-E Online has a 52 week low of $28.11 and a 52 week high of $43.52. The company has a 50-day moving average price of $38.28 and a 200-day moving average price of $34.85.

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.