Global-E Online (NASDAQ:GLBE) Given New $47.00 Price Target at The Goldman Sachs Group

Global-E Online (NASDAQ:GLBE) had its price target lowered by The Goldman Sachs Group from $59.00 to $47.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

GLBE has been the subject of a number of other research reports. KeyCorp increased their target price on Global-E Online from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Morgan Stanley upgraded Global-E Online from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $55.00 to $46.00 in a report on Wednesday, March 26th. UBS Group cut their target price on Global-E Online from $68.00 to $64.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company decreased their price target on shares of Global-E Online from $60.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $64.00 price objective on shares of Global-E Online in a report on Wednesday, March 12th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $57.00.

Global-E Online Price Performance

NASDAQ:GLBE opened at $29.18 on Wednesday. The business’s 50-day simple moving average is $46.39 and its 200-day simple moving average is $46.46. Global-E Online has a fifty-two week low of $28.11 and a fifty-two week high of $63.69. The stock has a market capitalization of $4.79 billion, a PE ratio of -66.32, a price-to-earnings-growth ratio of 4.61 and a beta of 1.30.

Global-E Online (NASDAQ:GLBE) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. Global-E Online had a negative net margin of 10.04% and a negative return on equity of 8.56%. The firm had revenue of $262.91 million for the quarter, compared to analyst estimates of $250.96 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. The business’s revenue was up 41.8% on a year-over-year basis. On average, research analysts expect that Global-E Online will post 0.25 earnings per share for the current year.

Hedge Funds Weigh In On Global-E Online

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fred Alger Management LLC raised its position in Global-E Online by 204.6% during the fourth quarter. Fred Alger Management LLC now owns 4,239,470 shares of the company’s stock worth $231,178,000 after acquiring an additional 2,847,868 shares in the last quarter. Contour Asset Management LLC increased its stake in shares of Global-E Online by 9.1% during the 4th quarter. Contour Asset Management LLC now owns 2,646,906 shares of the company’s stock worth $144,336,000 after purchasing an additional 220,519 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of Global-E Online by 1.5% in the 4th quarter. Clearbridge Investments LLC now owns 2,268,618 shares of the company’s stock valued at $123,708,000 after purchasing an additional 34,391 shares during the period. JPMorgan Chase & Co. lifted its stake in Global-E Online by 40.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,846,479 shares of the company’s stock valued at $70,979,000 after purchasing an additional 533,675 shares during the last quarter. Finally, State Street Corp grew its holdings in Global-E Online by 3.7% during the third quarter. State Street Corp now owns 1,550,647 shares of the company’s stock worth $59,607,000 after purchasing an additional 55,760 shares during the period. 94.60% of the stock is 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.