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

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. UBS Group cut their price target on shares of Global-E Online from $68.00 to $64.00 and set a “buy” rating for the company in a report on Friday, February 21st. Morgan Stanley upgraded Global-E Online from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $55.00 to $46.00 in a research note on Wednesday, March 26th. Benchmark reduced their target price on Global-E Online from $68.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, February 20th. The Goldman Sachs Group lowered their price target on shares of 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, Needham & Company LLC reiterated a “buy” rating and issued a $64.00 price objective on shares of Global-E Online in a research note on Wednesday, March 12th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $57.00.

Global-E Online Stock Down 4.1 %

The company has a 50 day moving average of $42.65 and a 200 day moving average of $46.28. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of -73.48, a price-to-earnings-growth ratio of 4.61 and a beta of 1.36.

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

Hedge Funds Weigh In On Global-E Online

A number of large investors have recently modified their holdings of the company. Fred Alger Management LLC increased its stake in Global-E Online by 204.6% during the 4th quarter. Fred Alger Management LLC now owns 4,239,470 shares of the company’s stock worth $231,178,000 after buying an additional 2,847,868 shares during the period. Lord Abbett & CO. LLC acquired a new position in shares of Global-E Online in the fourth quarter worth about $40,146,000. Norges Bank acquired a new stake in Global-E Online during the 4th quarter valued at approximately $38,875,000. SG Americas Securities LLC increased its holdings in Global-E Online by 5,939.0% during the 4th quarter. SG Americas Securities LLC now owns 636,393 shares of the company’s stock worth $34,703,000 after purchasing an additional 625,855 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Global-E Online by 40.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,846,479 shares of the company’s stock valued at $70,979,000 after purchasing an additional 533,675 shares in the last quarter. 94.60% of the stock is currently owned by hedge funds and other institutional investors.

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.