Norges Bank Purchases New Holdings in Global-E Online Ltd. (NASDAQ:GLBE)

Norges Bank acquired a new stake in shares of Global-E Online Ltd. (NASDAQ:GLBE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 712,904 shares of the company’s stock, valued at approximately $38,875,000. Norges Bank owned approximately 0.43% of Global-E Online as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in shares of Global-E Online by 40.7% during the third quarter. JPMorgan Chase & Co. now owns 1,846,479 shares of the company’s stock worth $70,979,000 after buying an additional 533,675 shares in the last quarter. State Street Corp boosted its stake in Global-E Online by 3.7% during the 3rd quarter. State Street Corp now owns 1,550,647 shares of the company’s stock valued at $59,607,000 after acquiring an additional 55,760 shares during the last quarter. American Century Companies Inc. grew its holdings in Global-E Online by 9.1% during the 4th quarter. American Century Companies Inc. now owns 1,209,833 shares of the company’s stock worth $65,972,000 after acquiring an additional 100,445 shares in the last quarter. FMR LLC raised its stake in shares of Global-E Online by 4.1% in the 3rd quarter. FMR LLC now owns 979,371 shares of the company’s stock valued at $37,647,000 after purchasing an additional 38,597 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Global-E Online by 3.4% during the third quarter. Geode Capital Management LLC now owns 933,476 shares of the company’s stock worth $35,722,000 after purchasing an additional 30,995 shares during the last quarter. 94.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLBE has been the subject of several research analyst reports. KeyCorp boosted their price objective on Global-E Online from $55.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, February 10th. Needham & Company LLC restated a “buy” rating and set a $64.00 price objective on shares of Global-E Online in a research note on Wednesday, March 12th. Wells Fargo & Company lowered their target price on shares of Global-E Online from $60.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley upgraded shares of Global-E Online from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $55.00 to $46.00 in a research report on Wednesday, March 26th. Finally, UBS Group decreased their price target on shares of Global-E Online from $68.00 to $64.00 and set a “buy” rating for the company in a report on Friday, February 21st. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $57.00.

Global-E Online Trading Down 9.0 %

Shares of NASDAQ GLBE opened at $29.18 on Friday. Global-E Online Ltd. has a 12-month low of $28.11 and a 12-month high of $63.69. The company has a market cap of $4.94 billion, a PE ratio of -66.32, a P/E/G ratio of 4.61 and a beta of 1.36. The stock has a 50 day simple moving average of $46.39 and a 200-day simple moving average of $46.52.

Global-E Online (NASDAQ:GLBE) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The company had revenue of $262.91 million during the quarter, compared to analyst estimates of $250.96 million. Global-E Online had a negative return on equity of 8.56% and a negative net margin of 10.04%. The firm’s quarterly revenue was up 41.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 EPS. Sell-side analysts forecast that Global-E Online Ltd. will post 0.25 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.