Needham & Company LLC Issues Pessimistic Forecast for Global-E Online (NASDAQ:GLBE) Stock Price

Global-E Online (NASDAQ:GLBE) had its price objective lowered by Needham & Company LLC from $64.00 to $40.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts also recently issued reports about the company. Morgan Stanley upgraded Global-E Online from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $55.00 to $46.00 in a report on Wednesday, March 26th. The Goldman Sachs Group reduced their target price on shares of Global-E Online from $59.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. UBS Group decreased their price target on shares of 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. Wells Fargo & Company cut their price objective on shares of Global-E Online from $60.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Finally, Benchmark decreased their target price on shares of Global-E Online from $68.00 to $64.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $55.00.

Global-E Online Price Performance

NASDAQ:GLBE opened at $32.94 on Tuesday. Global-E Online has a 1-year low of $26.64 and a 1-year high of $63.69. The company has a 50-day moving average of $38.61 and a 200 day moving average of $45.97. The firm has a market cap of $5.57 billion, a PE ratio of -74.86, a price-to-earnings-growth ratio of 4.61 and a beta of 1.36.

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, topping the consensus estimate of ($0.01) by $0.02. The firm had revenue of $262.91 million during the quarter, compared to analysts’ expectations of $250.96 million. Global-E Online had a negative net margin of 10.04% and a negative return on equity of 8.56%. The company’s revenue was up 41.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.22 EPS. Sell-side analysts anticipate that Global-E Online will post 0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Global-E Online

Institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its position in shares of Global-E Online by 83.2% in the 3rd quarter. Barclays PLC now owns 29,636 shares of the company’s stock valued at $1,139,000 after acquiring an additional 13,463 shares during the period. Geode Capital Management LLC increased its holdings in shares of Global-E Online by 3.4% in the third quarter. Geode Capital Management LLC now owns 933,476 shares of the company’s stock valued at $35,722,000 after purchasing an additional 30,995 shares during the period. Tidal Investments LLC raised its stake in shares of Global-E Online by 4.6% in the third quarter. Tidal Investments LLC now owns 70,792 shares of the company’s stock worth $2,721,000 after purchasing an additional 3,129 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of Global-E Online during the third quarter worth about $223,000. Finally, JPMorgan Chase & Co. boosted its position in Global-E Online by 40.7% in the third quarter. JPMorgan Chase & Co. now owns 1,846,479 shares of the company’s stock valued at $70,979,000 after buying an additional 533,675 shares during the last quarter. 94.60% of the stock is currently owned by institutional investors and hedge funds.

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.