Global-E Online (NASDAQ:GLBE) Shares Down 7.4%

Shares of Global-E Online Ltd. (NASDAQ:GLBE) were down 7.4% on Wednesday . The stock traded as low as $29.96 and last traded at $30.26. Approximately 870,622 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 1,076,230 shares. The stock had previously closed at $32.69.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GLBE. Piper Sandler reissued an “overweight” rating and set a $50.00 price objective on shares of Global-E Online in a research report on Thursday, February 22nd. Wells Fargo & Company reaffirmed an “overweight” rating and set a $40.00 price objective on shares of Global-E Online in a research report on Monday, April 1st. Needham & Company LLC reiterated a “buy” rating and set a $48.00 price target on shares of Global-E Online in a research note on Friday, April 5th. Finally, The Goldman Sachs Group upped their target price on shares of Global-E Online from $36.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Global-E Online presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Global-E Online Stock Performance

The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of -37.62 and a beta of 1.13. The stock’s fifty day moving average is $34.38 and its two-hundred day moving average is $36.07.

Global-E Online (NASDAQ:GLBE) last released its earnings results on Wednesday, February 21st. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.01). Global-E Online had a negative net margin of 23.48% and a negative return on equity of 19.33%. The business had revenue of $185.40 million for the quarter, compared to analysts’ expectations of $181.74 million. During the same quarter last year, the company posted ($0.18) earnings per share. The business’s quarterly revenue was up 32.5% compared to the same quarter last year. Sell-side analysts anticipate that Global-E Online Ltd. will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Global-E Online

Institutional investors have recently made changes to their positions in the company. Capital World Investors increased its stake in Global-E Online by 581.5% during the fourth quarter. Capital World Investors now owns 3,105,532 shares of the company’s stock valued at $123,072,000 after purchasing an additional 2,649,873 shares during the last quarter. Morgan Stanley boosted its stake in Global-E Online by 18.2% in the third quarter. Morgan Stanley now owns 15,827,478 shares of the company’s stock valued at $628,984,000 after acquiring an additional 2,438,737 shares during the period. Contour Asset Management LLC bought a new position in shares of Global-E Online during the fourth quarter valued at approximately $57,816,000. Invesco Ltd. lifted its holdings in shares of Global-E Online by 198.4% in the 3rd quarter. Invesco Ltd. now owns 1,566,885 shares of the company’s stock worth $62,268,000 after purchasing an additional 1,041,746 shares during the last quarter. Finally, Norges Bank acquired a new position in Global-E Online during the 4th quarter valued at approximately $33,175,000. 94.60% of the stock is currently owned by 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.