Global-E Online Ltd. (NASDAQ:GLBE) Stock Position Reduced by Truist Financial Corp

Truist Financial Corp cut its stake in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 12.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,548 shares of the company’s stock after selling 1,975 shares during the period. Truist Financial Corp’s holdings in Global-E Online were worth $528,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GLBE. Brown Capital Management LLC acquired a new stake in Global-E Online in the first quarter valued at approximately $69,352,000. Capital World Investors lifted its stake in Global-E Online by 60.5% in the first quarter. Capital World Investors now owns 4,983,485 shares of the company’s stock valued at $181,150,000 after acquiring an additional 1,877,953 shares during the last quarter. Dragoneer Investment Group LLC lifted its stake in Global-E Online by 9.6% in the second quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company’s stock valued at $534,403,000 after acquiring an additional 1,288,829 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Global-E Online in the second quarter worth $36,182,000. Finally, Kodai Capital Management LP lifted its stake in shares of Global-E Online by 184.9% in the first quarter. Kodai Capital Management LP now owns 1,307,194 shares of the company’s stock worth $47,517,000 after buying an additional 848,375 shares during the last quarter. 94.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GLBE. Needham & Company LLC restated a “buy” rating and issued a $48.00 price objective on shares of Global-E Online in a research note on Thursday, August 15th. Piper Sandler reduced their price objective on shares of Global-E Online from $47.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. KeyCorp reduced 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. Morgan Stanley boosted their price objective on shares of Global-E Online from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Finally, Bank of America reduced their price objective on shares of Global-E Online from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Global-E Online has a consensus rating of “Buy” and a consensus price target of $42.82.

Global-E Online Price Performance

NASDAQ:GLBE opened at $37.63 on Thursday. The stock has a market cap of $6.18 billion, a P/E ratio of -50.85 and a beta of 1.10. Global-E Online Ltd. has a one year low of $27.30 and a one year high of $42.88. The company has a fifty day moving average price of $35.77 and a 200 day moving average price of $34.01.

Global-E Online (NASDAQ:GLBE) last announced its quarterly 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 firm had revenue of $168.00 million for the quarter, compared to analyst estimates of $165.95 million. Global-E Online had a negative net margin of 17.33% and a negative return on equity of 16.41%. The business’s revenue for the quarter was up 26.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.22) EPS. As a group, equities research analysts anticipate that Global-E Online Ltd. will post -0.5 EPS for the current 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.