Rhumbline Advisers Cuts Stock Position in Global-E Online Ltd. (NASDAQ:GLBE)

Rhumbline Advisers lessened its position in Global-E Online Ltd. (NASDAQ:GLBE) by 18.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,378 shares of the company’s stock after selling 6,131 shares during the quarter. Rhumbline Advisers’ holdings in Global-E Online were worth $957,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GLBE. Norges Bank purchased a new stake in shares of Global-E Online in the 4th quarter valued at $33,175,000. PNC Financial Services Group Inc. increased its holdings in Global-E Online by 75.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 25,448 shares of the company’s stock worth $1,009,000 after purchasing an additional 10,967 shares during the period. Aigen Investment Management LP purchased a new stake in Global-E Online during the 4th quarter worth about $290,000. Intech Investment Management LLC purchased a new stake in Global-E Online during the 4th quarter worth about $233,000. Finally, TD Asset Management Inc increased its holdings in Global-E Online by 2.2% during the 4th quarter. TD Asset Management Inc now owns 22,926 shares of the company’s stock worth $909,000 after purchasing an additional 486 shares during the period. Hedge funds and other institutional investors own 94.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GLBE. KeyCorp lowered their price objective on Global-E Online from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Needham & Company LLC reaffirmed 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 for the company in a research report on Thursday, August 15th. Morgan Stanley upped their target price on Global-E Online from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $43.00 target price on shares of Global-E Online in a research report on Monday, July 1st. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $42.82.

Global-E Online Stock Up 0.2 %

GLBE opened at $38.05 on Monday. The company has a market cap of $6.25 billion, a PE ratio of -51.42 and a beta of 1.09. The business has a 50 day moving average price of $34.62 and a two-hundred day moving average price of $33.73. Global-E Online Ltd. has a 52 week low of $27.30 and a 52 week high of $42.88.

Global-E Online (NASDAQ:GLBE) last issued its 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. The business had revenue of $168.00 million during the quarter, compared to the consensus estimate of $165.95 million. Global-E Online had a negative return on equity of 16.41% and a negative net margin of 17.33%. The company’s revenue for the quarter was up 26.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.22) EPS. As a group, sell-side analysts expect that Global-E Online Ltd. will post -0.5 EPS for the current fiscal year.

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.