Global-E Online (NASDAQ:GLBE) Downgraded by Morgan Stanley to “Equal Weight”

Morgan Stanley cut shares of Global-E Online (NASDAQ:GLBE) from an overweight rating to an equal weight rating in a research note issued to investors on Friday, Marketbeat Ratings reports. Morgan Stanley currently has $40.00 price target on the stock.

GLBE has been the topic of a number of other reports. Needham & Company LLC reiterated a “buy” rating and set a $48.00 price target on shares of Global-E Online in a research report on Thursday, August 15th. JMP Securities reiterated a “market outperform” rating and set a $46.00 price target on shares of Global-E Online in a research report on Wednesday, July 10th. The Goldman Sachs Group restated a “buy” rating and issued a $43.00 target price on shares of Global-E Online in a research report on Monday, July 1st. Piper Sandler lowered their target price on Global-E Online from $47.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Finally, Bank of America lowered their target price on Global-E Online from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Global-E Online currently has an average rating of “Moderate Buy” and a consensus target price of $43.09.

Global-E Online Stock Up 1.2 %

NASDAQ:GLBE opened at $38.11 on Friday. The business’s 50 day moving average is $35.93 and its two-hundred day moving average is $34.05. Global-E Online has a 52 week low of $27.30 and a 52 week high of $42.88. The company has a market cap of $6.26 billion, a PE ratio of -51.50 and a beta of 1.10.

Global-E Online (NASDAQ:GLBE) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The business had revenue of $168.00 million for the quarter, compared to analysts’ expectations of $165.95 million. Global-E Online had a negative return on equity of 16.41% and a negative net margin of 17.33%. The business’s quarterly revenue was up 26.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.22) EPS. As a group, sell-side analysts expect that Global-E Online will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Global-E Online

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLBE. Juncture Wealth Strategies LLC bought a new stake in shares of Global-E Online during the 3rd quarter worth $487,000. Clearbridge Investments LLC bought a new stake in shares of Global-E Online during the 2nd quarter worth $83,036,000. Mackenzie Financial Corp bought a new stake in shares of Global-E Online during the 2nd quarter worth $250,000. The Manufacturers Life Insurance Company boosted its stake in shares of Global-E Online by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,359 shares of the company’s stock worth $1,319,000 after acquiring an additional 900 shares in the last quarter. Finally, Dragoneer Investment Group LLC boosted its stake 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 acquiring an additional 1,288,829 shares in the last quarter. 94.60% of the stock is 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.