Morgan Stanley Downgrades Global-E Online (NASDAQ:GLBE) to Equal Weight

Morgan Stanley downgraded shares of Global-E Online (NASDAQ:GLBE) from an overweight rating to an equal weight rating in a research report report published on Friday, MarketBeat.com reports. Morgan Stanley currently has $40.00 price objective on the stock.

GLBE has been the subject of several other reports. KeyCorp cut their price objective on Global-E Online from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. The Goldman Sachs Group reiterated a “buy” rating and set a $43.00 price objective on shares of Global-E Online in a report on Monday, July 1st. Needham & Company LLC reiterated a “buy” rating and set a $48.00 price objective on shares of Global-E Online in a report on Thursday, August 15th. Bank of America cut their price objective on Global-E Online from $47.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Finally, JMP Securities reiterated a “market outperform” rating and set a $46.00 price objective on shares of Global-E Online in a report on Wednesday, July 10th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.09.

Global-E Online Stock Up 1.2 %

Shares of Global-E Online stock opened at $38.11 on Friday. The stock has a market cap of $6.26 billion, a PE ratio of -51.50 and a beta of 1.10. The business has a fifty day simple moving average of $35.93 and a 200-day simple moving average of $34.05. Global-E Online has a 12 month low of $27.30 and a 12 month high of $42.88.

Global-E Online (NASDAQ:GLBE) last issued its earnings results on Wednesday, August 14th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.03. The business had revenue of $168.00 million during 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%. Global-E Online’s revenue was up 26.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) earnings per share. 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 have recently made changes to their positions in the business. Principal Financial Group Inc. increased its stake in shares of Global-E Online by 5.7% in the first quarter. Principal Financial Group Inc. now owns 6,881 shares of the company’s stock worth $250,000 after purchasing an additional 369 shares during the period. American International Group Inc. increased its stake in shares of Global-E Online by 3.2% in the first quarter. American International Group Inc. now owns 15,619 shares of the company’s stock worth $568,000 after purchasing an additional 484 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Global-E Online by 7.4% in the second quarter. Daiwa Securities Group Inc. now owns 7,300 shares of the company’s stock worth $265,000 after purchasing an additional 500 shares during the period. CIBC Asset Management Inc increased its stake in shares of Global-E Online by 6.5% in the second quarter. CIBC Asset Management Inc now owns 9,027 shares of the company’s stock worth $327,000 after purchasing an additional 547 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Global-E Online by 18.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 4,010 shares of the company’s stock worth $146,000 after purchasing an additional 624 shares during the period. 94.60% of the stock is currently 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.