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

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

Analysts Set New Price Targets

Several analysts recently commented on GLBE shares. UBS Group dropped their price target on Global-E Online from $68.00 to $64.00 and set a “buy” rating for the company in a research report on Friday, February 21st. KeyCorp boosted their price target on Global-E Online from $55.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Morgan Stanley boosted their price target on Global-E Online from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 18th. Wells Fargo & Company dropped their price target on Global-E Online from $60.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Finally, Benchmark dropped their target price on Global-E Online from $68.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.08.

Global-E Online Stock Performance

Shares of NASDAQ GLBE traded up $1.14 during mid-day trading on Wednesday, reaching $37.46. 1,573,567 shares of the company’s stock were exchanged, compared to its average volume of 1,266,593. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of -85.14, a PEG ratio of 4.61 and a beta of 1.30. Global-E Online has a 52-week low of $28.11 and a 52-week high of $63.69. The company’s 50-day moving average is $51.35 and its 200-day moving average is $46.51.

Global-E Online (NASDAQ:GLBE) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The business had revenue of $262.91 million during the quarter, compared to analysts’ expectations 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 company’s revenue was up 41.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.22 EPS. As a group, equities analysts predict that Global-E Online will post 0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Global-E Online

Hedge funds have recently modified their holdings of the business. TimesSquare Capital Management LLC grew its holdings in shares of Global-E Online by 6.3% during the 4th quarter. TimesSquare Capital Management LLC now owns 770,999 shares of the company’s stock worth $42,043,000 after purchasing an additional 45,739 shares during the period. Fred Alger Management LLC acquired a new position in Global-E Online during the 3rd quarter worth about $53,493,000. JPMorgan Chase & Co. lifted its stake in Global-E Online by 40.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,846,479 shares of the company’s stock worth $70,979,000 after acquiring an additional 533,675 shares in the last quarter. Meitav Investment House Ltd. acquired a new position in Global-E Online during the 4th quarter worth about $454,000. Finally, Amundi lifted its stake in Global-E Online by 126.9% during the 4th quarter. Amundi now owns 788,542 shares of the company’s stock worth $41,619,000 after acquiring an additional 440,953 shares in the last quarter. 94.60% of the stock is currently owned by hedge funds and other institutional investors.

Global-E Online Company Profile

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.