Global-E Online Ltd. (NASDAQ:GLBE) Short Interest Down 5.9% in September

Global-E Online Ltd. (NASDAQ:GLBE) was the target of a large decline in short interest in September. As of September 30th, there was short interest totalling 7,970,000 shares, a decline of 5.9% from the September 15th total of 8,470,000 shares. Based on an average daily volume of 1,000,000 shares, the days-to-cover ratio is presently 8.0 days. Approximately 8.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several research firms have weighed in on GLBE. Bank of America cut their price target 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. JMP Securities reissued a “market outperform” rating and issued a $46.00 target price on shares of Global-E Online in a report on Wednesday, July 10th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $43.00 price target on shares of Global-E Online in a research note on Monday, July 1st. Needham & Company LLC reissued a “buy” rating and issued a $48.00 price objective on shares of Global-E Online in a research note on Thursday, August 15th. Finally, KeyCorp decreased their target price on shares of Global-E Online from $40.00 to $38.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Global-E Online currently has a consensus rating of “Buy” and a consensus target price of $42.82.

Global-E Online Stock Down 1.7 %

Global-E Online stock traded down $0.64 during midday trading on Wednesday, reaching $37.63. The stock had a trading volume of 809,882 shares, compared to its average volume of 1,116,638. Global-E Online has a 52-week low of $27.30 and a 52-week high of $42.88. The company has a fifty day moving average of $35.77 and a 200 day moving average of $34.01. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of -50.85 and a beta of 1.10.

Global-E Online (NASDAQ:GLBE) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $168.00 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 26.0% compared to the same quarter last year. During the same period last year, the company earned ($0.22) EPS. Equities research analysts predict that Global-E Online will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GLBE. Dragoneer Investment Group LLC boosted its position in Global-E Online by 9.6% in the 2nd quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company’s stock valued at $534,403,000 after buying an additional 1,288,829 shares during the period. Abdiel Capital Advisors LP boosted its holdings in shares of Global-E Online by 1.4% in the second quarter. Abdiel Capital Advisors LP now owns 6,776,495 shares of the company’s stock valued at $245,783,000 after purchasing an additional 95,741 shares during the period. Capital World Investors raised its position in Global-E Online by 60.5% during the 1st quarter. Capital World Investors now owns 4,983,485 shares of the company’s stock valued at $181,150,000 after purchasing an additional 1,877,953 shares in the last quarter. Clearbridge Investments LLC bought a new stake in Global-E Online during the 2nd quarter valued at $83,036,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Global-E Online by 16.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,956,990 shares of the company’s stock worth $71,137,000 after buying an additional 270,949 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.