Sumitomo Mitsui Trust Group Inc. Sells 77,971 Shares of Global-E Online Ltd. (NASDAQ:GLBE)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 5.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,468,090 shares of the company’s stock after selling 77,971 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Global-E Online were worth $56,433,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. American International Group Inc. lifted its position in Global-E Online by 3.2% in the first quarter. American International Group Inc. now owns 15,619 shares of the company’s stock valued at $568,000 after purchasing an additional 484 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Global-E Online by 7.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 7,300 shares of the company’s stock worth $265,000 after acquiring an additional 500 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Global-E Online by 1.6% in the third quarter. Van ECK Associates Corp now owns 32,828 shares of the company’s stock valued at $1,235,000 after acquiring an additional 508 shares during the period. CIBC Asset Management Inc raised its stake in shares of Global-E Online by 6.5% during the second quarter. CIBC Asset Management Inc now owns 9,027 shares of the company’s stock valued at $327,000 after acquiring an additional 547 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Global-E Online by 18.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 4,010 shares of the company’s stock worth $146,000 after purchasing an additional 624 shares during the period. Hedge funds and other institutional investors own 94.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on GLBE. Bank of America reduced their price target on Global-E Online from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. UBS Group reduced their target price on Global-E Online from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. KeyCorp dropped their price target on 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. Needham & Company LLC restated a “buy” rating and issued a $48.00 price objective on shares of Global-E Online in a report on Thursday, August 15th. Finally, Piper Sandler reaffirmed a “buy” rating on shares of Global-E Online in a research report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.09.

Global-E Online Stock Performance

GLBE stock opened at $40.30 on Friday. The firm has a 50 day moving average price of $38.16 and a 200-day moving average price of $34.77. Global-E Online Ltd. has a 52-week low of $28.11 and a 52-week high of $43.52. The firm has a market capitalization of $6.62 billion, a price-to-earnings ratio of -62.00 and a beta of 1.10.

Global-E Online (NASDAQ:GLBE) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.13) earnings per share (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 business had revenue of $168.00 million during the quarter, compared to analysts’ expectations of $165.95 million. During the same quarter in the previous year, the business earned ($0.22) earnings per share. The firm’s quarterly revenue was up 26.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Global-E Online Ltd. will post -0.5 earnings per share 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.