Global-E Online (NASDAQ:GLBE) Shares Gap Down Following Analyst Downgrade

Global-E Online Ltd. (NASDAQ:GLBE)’s stock price gapped down before the market opened on Wednesday after Raymond James lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $42.39, but opened at $32.92. Raymond James currently has an outperform rating on the stock. Global-E Online shares last traded at $36.04, with a volume of 2,584,841 shares.

GLBE has been the subject of several other research reports. Piper Sandler restated an “overweight” rating and set a $42.00 price objective on shares of Global-E Online in a research report on Wednesday. JMP Securities restated a “market outperform” rating and set a $64.00 price objective on shares of Global-E Online in a research report on Thursday. KeyCorp reduced their price objective on shares of Global-E Online from $60.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Wells Fargo & Company reduced their price target on shares of Global-E Online from $45.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, The Goldman Sachs Group lowered their price objective on shares of Global-E Online from $59.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $49.42.

Institutional Investors Weigh In On Global-E Online

Several hedge funds have recently modified their holdings of GLBE. Fred Alger Management LLC increased its stake in 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 buying an additional 2,847,868 shares during the period. Jennison Associates LLC increased its stake in Global-E Online by 33,950.1% in the 1st quarter. Jennison Associates LLC now owns 1,418,526 shares of the company’s stock valued at $50,570,000 after buying an additional 1,414,360 shares during the period. Arohi Asset Management PTE Ltd. increased its stake in Global-E Online by 130.5% in the 1st quarter. Arohi Asset Management PTE Ltd. now owns 1,477,728 shares of the company’s stock valued at $52,681,000 after buying an additional 836,522 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Global-E Online by 149.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,247,984 shares of the company’s stock valued at $44,491,000 after buying an additional 748,608 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in Global-E Online in the 4th quarter valued at $40,146,000. 94.60% of the stock is owned by institutional investors and hedge funds.

Global-E Online Trading Down 3.4%

The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of -75.25, a PEG ratio of 4.61 and a beta of 1.36. The firm’s 50 day simple moving average is $35.42 and its 200-day simple moving average is $45.78.

Global-E Online (NASDAQ:GLBE) last announced its quarterly earnings data on Wednesday, May 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $189.88 million for the quarter, compared to analysts’ expectations of $187.84 million. Global-E Online had a negative net margin of 10.04% and a negative return on equity of 8.56%. As a group, sell-side analysts forecast that Global-E Online Ltd. will post 0.25 EPS for the current fiscal 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.