Clearbridge Investments LLC Acquires New Stake in Global-E Online Ltd. (NASDAQ:GLBE)

Clearbridge Investments LLC purchased a new position in shares of Global-E Online Ltd. (NASDAQ:GLBE) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,289,381 shares of the company’s stock, valued at approximately $83,036,000.

Other institutional investors have also modified their holdings of the company. Toronto Dominion Bank purchased a new stake in Global-E Online in the 2nd quarter worth approximately $40,000. RiverPark Advisors LLC grew 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 purchasing an additional 2,858 shares during the period. Ables Iannone Moore & Associates Inc. acquired a new position in Global-E Online in the fourth quarter valued at $141,000. DekaBank Deutsche Girozentrale increased its stake in Global-E Online by 18.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 4,010 shares of the company’s stock valued at $146,000 after purchasing an additional 624 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Global-E Online by 15.2% during the first quarter. Russell Investments Group Ltd. now owns 5,911 shares of the company’s stock worth $215,000 after buying an additional 780 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 $37.58 on Thursday. Global-E Online Ltd. has a 1-year low of $27.30 and a 1-year high of $42.88. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of -50.78 and a beta of 1.09. The business has a 50-day moving average of $34.97 and a 200-day moving average of $33.94.

Global-E Online (NASDAQ:GLBE) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $168.00 million during the quarter, compared to analysts’ expectations of $165.95 million. Global-E Online had a negative return on equity of 16.41% and a negative net margin of 17.33%. Global-E Online’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.22) EPS. Research analysts expect that Global-E Online Ltd. will post -0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GLBE has been the subject of several recent analyst reports. Morgan Stanley lifted their price target on Global-E Online from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. JMP Securities restated a “market outperform” rating and issued a $46.00 target price on shares of Global-E Online in a report on Wednesday, July 10th. Bank of America cut 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. KeyCorp lowered 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 note on Thursday, August 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $48.00 price objective on shares of Global-E Online in a report on Thursday, August 15th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, Global-E Online currently has an average rating of “Buy” and a consensus price target of $42.82.

Global-E Online 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.