Global-E Online (NASDAQ:GLBE) Rating Lowered to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of Global-E Online (NASDAQ:GLBE) from an overweight rating to an equal weight rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports. The firm currently has $40.00 target price on the stock.

A number of other analysts have also recently commented on GLBE. JMP Securities reaffirmed a “market outperform” rating and set a $46.00 price target on shares of Global-E Online in a research report on Wednesday, July 10th. Piper Sandler decreased their target price on Global-E Online from $47.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Needham & Company LLC reissued a “buy” rating and issued a $48.00 price target on shares of Global-E Online in a research note on Thursday, August 15th. KeyCorp reduced their price objective on shares of Global-E Online from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Finally, Bank of America dropped their target price on shares of Global-E Online from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.09.

Global-E Online Stock Up 0.3 %

Shares of GLBE stock opened at $38.21 on Friday. The business has a fifty day simple moving average of $36.04 and a 200 day simple moving average of $34.06. The company has a market cap of $6.28 billion, a P/E ratio of -51.64 and a beta of 1.10. Global-E Online has a twelve month low of $27.30 and a twelve month high of $42.88.

Global-E Online (NASDAQ:GLBE) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.03. Global-E Online had a negative return on equity of 16.41% and a negative net margin of 17.33%. The company had revenue of $168.00 million for the quarter, compared to the consensus estimate of $165.95 million. During the same quarter last year, the business posted ($0.22) EPS. Global-E Online’s revenue for the quarter was up 26.0% on a year-over-year basis. As a group, equities research analysts anticipate that Global-E Online will post -0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Global-E Online

A number of institutional investors have recently made changes to their positions in GLBE. Juncture Wealth Strategies LLC purchased a new position in shares of Global-E Online in the 3rd quarter worth $487,000. Clearbridge Investments LLC purchased a new position in Global-E Online in the 2nd quarter worth approximately $83,036,000. Mackenzie Financial Corp purchased a new position in Global-E Online during the second quarter valued at $250,000. The Manufacturers Life Insurance Company boosted its stake in Global-E Online by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 36,359 shares of the company’s stock valued at $1,319,000 after buying an additional 900 shares during the last quarter. Finally, Dragoneer Investment Group LLC increased its position in Global-E Online by 9.6% in the second quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company’s stock worth $534,403,000 after purchasing an additional 1,288,829 shares during the last quarter. Hedge funds and other institutional investors own 94.60% of the company’s stock.

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.