State of New Jersey Common Pension Fund D Reduces Position in Global-E Online Ltd. (NASDAQ:GLBE)

State of New Jersey Common Pension Fund D cut its holdings in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 26.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,337 shares of the company’s stock after selling 25,463 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Global-E Online were worth $2,624,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GLBE. Capital World Investors boosted its position in shares of Global-E Online by 581.5% during the fourth quarter. Capital World Investors now owns 3,105,532 shares of the company’s stock valued at $123,072,000 after buying an additional 2,649,873 shares during the last quarter. Brown Capital Management LLC purchased a new stake in shares of Global-E Online during the first quarter valued at $69,352,000. Contour Asset Management LLC purchased a new stake in shares of Global-E Online during the fourth quarter valued at $57,816,000. Kodai Capital Management LP boosted its position in shares of Global-E Online by 184.9% during the first quarter. Kodai Capital Management LP now owns 1,307,194 shares of the company’s stock valued at $47,517,000 after buying an additional 848,375 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Global-E Online during the fourth quarter valued at $33,175,000. 94.60% of the stock is owned by hedge funds and other institutional investors.

Global-E Online Trading Down 0.9 %

Shares of GLBE opened at $37.47 on Thursday. The business’s 50 day moving average is $34.58 and its 200 day moving average is $33.65. The company has a market capitalization of $6.15 billion, a PE ratio of -50.64 and a beta of 1.09. Global-E Online Ltd. has a 12-month low of $27.30 and a 12-month 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, beating the consensus estimate of ($0.16) by $0.03. The company had revenue of $168.00 million for 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 firm’s quarterly revenue was up 26.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.22) EPS. Equities research analysts predict that Global-E Online Ltd. will post -0.5 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Bank of America lowered their target price 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. KeyCorp lowered their target price on Global-E Online from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Needham & Company LLC reissued a “buy” rating and issued a $48.00 target price on shares of Global-E Online in a report on Thursday, August 15th. JMP Securities reissued a “market outperform” rating and issued a $46.00 target price on shares of Global-E Online in a report on Wednesday, July 10th. Finally, Piper Sandler lowered their target price on Global-E Online from $47.00 to $44.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Global-E Online currently has an average rating of “Buy” and an average 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.