Van ECK Associates Corp Boosts Stock Position in Global-E Online Ltd. (NASDAQ:GLBE)

Van ECK Associates Corp raised its stake in Global-E Online Ltd. (NASDAQ:GLBE) by 7.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,320 shares of the company’s stock after purchasing an additional 2,161 shares during the quarter. Van ECK Associates Corp’s holdings in Global-E Online were worth $1,172,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nikko Asset Management Americas Inc. increased its stake in Global-E Online by 10.8% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,224,278 shares of the company’s stock valued at $88,037,000 after buying an additional 217,415 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Global-E Online during the fourth quarter worth about $2,365,000. Zevenbergen Capital Investments LLC increased its stake in shares of Global-E Online by 3.8% during the fourth quarter. Zevenbergen Capital Investments LLC now owns 1,733,160 shares of the company’s stock worth $68,685,000 after acquiring an additional 63,614 shares during the period. Norges Bank purchased a new position in Global-E Online during the fourth quarter worth about $33,175,000. Finally, PNC Financial Services Group Inc. lifted its position in Global-E Online by 75.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 25,448 shares of the company’s stock valued at $1,009,000 after purchasing an additional 10,967 shares during the period. Institutional investors and hedge funds own 94.60% of the company’s stock.

Global-E Online Price Performance

Shares of NASDAQ GLBE opened at $32.76 on Friday. The firm’s 50-day moving average is $34.52 and its two-hundred day moving average is $33.49. Global-E Online Ltd. has a 12-month low of $27.30 and a 12-month high of $42.88. The company has a market capitalization of $5.38 billion, a PE ratio of -44.27 and a beta of 1.09.

Global-E Online (NASDAQ:GLBE) last announced its earnings results on Wednesday, August 14th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $168.00 million for the quarter, compared to analysts’ expectations of $165.95 million. During the same quarter in the prior year, the firm earned ($0.22) EPS. Global-E Online’s quarterly revenue was up 26.0% on a year-over-year basis. On average, analysts forecast that Global-E Online Ltd. will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $48.00 target price on shares of Global-E Online in a research note on Thursday, August 15th. Morgan Stanley increased their price objective on Global-E Online from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. JMP Securities restated a “market outperform” rating and set a $46.00 target price on shares of Global-E Online in a research report on Wednesday, July 10th. Bank of America lowered their price target on shares of Global-E Online from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Finally, Piper Sandler reduced their price objective on shares of 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. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, Global-E Online presently has an average rating of “Buy” and an average target price of $42.82.

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.