Bank of New York Mellon Corp Lowers Stock Position in Global-E Online Ltd. (NASDAQ:GLBE)

Bank of New York Mellon Corp cut its stake in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 7.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 133,542 shares of the company’s stock after selling 10,499 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.08% of Global-E Online worth $4,844,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global Retirement Partners LLC boosted its position in shares of Global-E Online by 31.2% in the first quarter. Global Retirement Partners LLC now owns 1,650 shares of the company’s stock worth $60,000 after purchasing an additional 392 shares during the period. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Global-E Online in the fourth quarter valued at about $141,000. RiverPark Advisors LLC lifted its position in shares of Global-E Online by 360.9% in the first quarter. RiverPark Advisors LLC now owns 3,650 shares of the company’s stock valued at $133,000 after acquiring an additional 2,858 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Global-E Online by 18.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 4,010 shares of the company’s stock worth $146,000 after acquiring an additional 624 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of Global-E Online during the fourth quarter worth about $233,000. 94.60% of the stock is owned by hedge funds and other institutional investors.

Global-E Online Price Performance

Global-E Online stock opened at $36.65 on Friday. Global-E Online Ltd. has a 1-year low of $27.30 and a 1-year high of $42.88. The company’s 50-day moving average is $34.52 and its 200 day moving average is $33.59. The firm has a market capitalization of $6.02 billion, a P/E ratio of -49.53 and a beta of 1.09.

Global-E Online (NASDAQ:GLBE) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $165.95 million. During the same period last year, the company earned ($0.22) EPS. Global-E Online’s quarterly revenue was up 26.0% compared to the same quarter last year. Research analysts anticipate that Global-E Online Ltd. will post -0.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on GLBE. Benchmark restated a “buy” rating and issued a $41.00 price target on shares of Global-E Online in a research note on Tuesday, May 21st. The Goldman Sachs Group reiterated a “buy” rating and issued a $43.00 price target on shares of Global-E Online in a report on Monday, July 1st. Needham & Company LLC restated a “buy” rating and set a $48.00 price objective on shares of Global-E Online in a research report on Thursday, August 15th. Bank of America decreased their target price on 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. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $46.00 price objective on shares of Global-E Online in a research note on Wednesday, July 10th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $42.82.

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.