Global-E Online Ltd. (NASDAQ:GLBE) Sees Large Decline in Short Interest

Global-E Online Ltd. (NASDAQ:GLBE) was the recipient of a large decrease in short interest in February. As of February 28th, there was short interest totalling 3,560,000 shares, a decrease of 16.8% from the February 13th total of 4,280,000 shares. Based on an average trading volume of 1,540,000 shares, the short-interest ratio is currently 2.3 days. Currently, 3.5% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wells Fargo & Company reduced their price target on Global-E Online from $60.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. KeyCorp increased their price target on Global-E Online from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. UBS Group reduced their price target on Global-E Online from $68.00 to $64.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Piper Sandler increased their price target on Global-E Online from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Raymond James increased their price objective on Global-E Online from $41.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.08.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Fred Alger Management LLC grew its stake in shares of Global-E Online by 204.6% in the 4th quarter. Fred Alger Management LLC now owns 4,239,470 shares of the company’s stock valued at $231,178,000 after purchasing an additional 2,847,868 shares during the last quarter. Contour Asset Management LLC grew its stake in shares of Global-E Online by 9.1% in the 4th quarter. Contour Asset Management LLC now owns 2,646,906 shares of the company’s stock valued at $144,336,000 after purchasing an additional 220,519 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of Global-E Online by 1.5% in the 4th quarter. Clearbridge Investments LLC now owns 2,268,618 shares of the company’s stock valued at $123,708,000 after purchasing an additional 34,391 shares during the last quarter. JPMorgan Chase & Co. grew its stake 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 during the last quarter. Finally, Eventide Asset Management LLC grew its stake in shares of Global-E Online by 59.1% in the 3rd quarter. Eventide Asset Management LLC now owns 1,563,254 shares of the company’s stock valued at $60,091,000 after purchasing an additional 580,450 shares during the last quarter. Hedge funds and other institutional investors own 94.60% of the company’s stock.

Global-E Online Stock Up 3.1 %

NASDAQ:GLBE traded up $1.14 during mid-day trading on Wednesday, reaching $37.46. 1,573,567 shares of the stock were exchanged, compared to its average volume of 1,266,593. The company has a 50 day simple moving average of $51.35 and a 200-day simple moving average of $46.51. The stock has a market capitalization of $6.15 billion, a P/E ratio of -85.14, a P/E/G ratio of 4.61 and a beta of 1.30. Global-E Online has a 1 year low of $28.11 and a 1 year high of $63.69.

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

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.