Global-e Online (NASDAQ:GLBE) Shares Gap Up on Better-Than-Expected Earnings

Global-e Online Ltd. (NASDAQ:GLBE)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $33.97, but opened at $36.93. Global-e Online shares last traded at $31.36, with a volume of 1,700,384 shares trading hands.

The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. Global-e Online had a negative net margin of 3.37% and a negative return on equity of 3.22%. The company had revenue of $214.88 million for the quarter, compared to the consensus estimate of $207.95 million. During the same period in the prior year, the firm posted ($0.13) EPS. The company’s quarterly revenue was up 27.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

GLBE has been the topic of a number of recent analyst reports. Benchmark dropped their price objective on shares of Global-e Online from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Piper Sandler reiterated an “overweight” rating and set a $42.00 price target on shares of Global-e Online in a research note on Wednesday, May 14th. Raymond James Financial cut their price target on shares of Global-e Online from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, May 15th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of Global-e Online in a research note on Thursday, May 15th. Finally, KeyCorp cut their price target on shares of Global-e Online from $60.00 to $45.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Global-e Online presently has an average rating of “Moderate Buy” and a consensus target price of $48.08.

Institutional Trading of Global-e Online

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dragoneer Investment Group LLC boosted its holdings in shares of Global-e Online by 20.5% in the second quarter. Dragoneer Investment Group LLC now owns 10,056,015 shares of the company’s stock valued at $337,279,000 after acquiring an additional 1,708,655 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Global-e Online by 6.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,769,843 shares of the company’s stock valued at $170,045,000 after acquiring an additional 308,218 shares in the last quarter. Fred Alger Management LLC boosted its holdings in shares of Global-e Online by 204.6% in the fourth quarter. Fred Alger Management LLC now owns 4,239,470 shares of the company’s stock valued at $231,178,000 after acquiring an additional 2,847,868 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Global-e Online by 182.0% in the second quarter. Marshall Wace LLP now owns 3,656,115 shares of the company’s stock valued at $122,626,000 after acquiring an additional 2,359,435 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Global-e Online by 27.0% in the second quarter. JPMorgan Chase & Co. now owns 3,617,284 shares of the company’s stock valued at $121,324,000 after acquiring an additional 770,028 shares in the last quarter. Hedge funds and other institutional investors own 94.60% of the company’s stock.

Global-e Online Stock Down 1.5%

The firm has a market cap of $5.19 billion, a PE ratio of -180.00, a P/E/G ratio of 1.84 and a beta of 1.24. The company’s fifty day moving average price is $33.10 and its two-hundred day moving average price is $37.80.

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.