Global-e Online Ltd. (NASDAQ:GLBE) Sees Large Increase in Short Interest

Global-e Online Ltd. (NASDAQ:GLBE – Get Rating) was the target of a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 6,320,000 shares, an increase of 7.7% from the February 13th total of 5,870,000 shares. Based on an average daily trading volume, of 1,020,000 shares, the days-to-cover ratio is currently 6.2 days. Currently, 12.0% of the company’s shares are short sold.

Global-e Online Trading Down 0.9 %

Shares of GLBE stock traded down $0.25 on Friday, reaching $28.04. The company’s stock had a trading volume of 152,013 shares, compared to its average volume of 1,099,518. The stock’s fifty day simple moving average is $27.28 and its 200-day simple moving average is $25.62. Global-e Online has a 1 year low of $15.63 and a 1 year high of $37.65.

Global-e Online (NASDAQ:GLBE – Get Rating) last posted its earnings results on Wednesday, February 22nd. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.12. The firm had revenue of $139.87 million for the quarter, compared to the consensus estimate of $138.70 million. Global-e Online had a negative net margin of 47.77% and a negative return on equity of 16.07%. During the same period in the previous year, the firm posted $0.01 EPS. The business’s quarterly revenue was up 69.1% on a year-over-year basis. Sell-side analysts anticipate that Global-e Online will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Global-e Online

Hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its stake in shares of Global-e Online by 1,236.7% during the second quarter. Goldman Sachs Group Inc. now owns 6,969,582 shares of the company’s stock valued at $140,576,000 after purchasing an additional 6,448,167 shares in the last quarter. Abdiel Capital Advisors LP boosted its position in Global-e Online by 48.2% during the 2nd quarter. Abdiel Capital Advisors LP now owns 14,816,911 shares of the company’s stock valued at $298,857,000 after acquiring an additional 4,816,249 shares in the last quarter. Dragoneer Investment Group LLC increased its holdings in shares of Global-e Online by 45.1% in the 3rd quarter. Dragoneer Investment Group LLC now owns 8,962,409 shares of the company’s stock valued at $239,834,000 after acquiring an additional 2,783,926 shares during the period. Morgan Stanley raised its position in shares of Global-e Online by 33.2% in the 4th quarter. Morgan Stanley now owns 9,819,329 shares of the company’s stock worth $202,671,000 after acquiring an additional 2,446,452 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Global-e Online during the 3rd quarter worth $39,162,000. 61.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GLBE. Raymond James cut their target price on shares of Global-e Online from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, November 17th. Jefferies Financial Group cut their price objective on shares of Global-e Online from $42.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 17th. The Goldman Sachs Group dropped their price objective on Global-e Online from $33.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, January 9th. KeyCorp lifted their target price on Global-e Online from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, February 23rd. Finally, Piper Sandler upped their price target on Global-e Online from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, February 23rd. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $36.00.

About Global-e Online

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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.