Global-E Online (NASDAQ:GLBE) Downgraded to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of Global-E Online (NASDAQ:GLBE) from an overweight rating to an equal weight rating in a research note issued to investors on Friday, MarketBeat.com reports. Morgan Stanley currently has $40.00 price target on the stock.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $43.00 target price on shares of Global-E Online in a report on Monday, July 1st. Piper Sandler dropped their target price on Global-E Online from $47.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. KeyCorp reduced their price target on shares of Global-E Online from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $48.00 price objective on shares of Global-E Online in a report on Thursday, August 15th. Finally, Bank of America cut their price objective on shares of 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. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Global-E Online presently has an average rating of “Moderate Buy” and an average price target of $43.09.

Global-E Online Trading Up 1.2 %

Shares of NASDAQ GLBE opened at $38.11 on Friday. The business has a 50 day simple moving average of $35.93 and a 200-day simple moving average of $34.03. Global-E Online has a twelve month low of $27.30 and a twelve month high of $42.88. The company has a market capitalization of $6.26 billion, a price-to-earnings ratio of -51.50 and a beta of 1.10.

Global-E Online (NASDAQ:GLBE) last issued its 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. Global-E Online had a negative net margin of 17.33% and a negative return on equity of 16.41%. The company had revenue of $168.00 million for the quarter, compared to analysts’ expectations of $165.95 million. During the same period in the prior year, the company earned ($0.22) earnings per share. The firm’s revenue was up 26.0% compared to the same quarter last year. As a group, equities analysts predict that Global-E Online will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. 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 worth $1,009,000 after purchasing an additional 10,967 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Global-E Online by 16.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,956,990 shares of the company’s stock valued at $71,137,000 after buying an additional 270,949 shares during the period. Wasatch Advisors LP boosted its stake in Global-E Online by 34.4% during the first quarter. Wasatch Advisors LP now owns 1,394,222 shares of the company’s stock valued at $50,680,000 after buying an additional 357,204 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Global-E Online by 5.7% during the first quarter. Principal Financial Group Inc. now owns 6,881 shares of the company’s stock valued at $250,000 after buying an additional 369 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Global-E Online by 227.7% during the first quarter. Commonwealth Equity Services LLC now owns 19,052 shares of the company’s stock worth $693,000 after acquiring an additional 13,239 shares during the period. 94.60% of the stock is currently owned by institutional investors.

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.