Global-e Online Ltd. (NASDAQ:GLBE) Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC reduced its stake in Global-e Online Ltd. by 9.7%, holding approximately 411,240 shares post-sale, valued at $14.66 million.
• Hedge funds and institutional investors collectively own 94.60% of Global-e Online's stock, with significant increases in holdings reported by Fred Alger Management and Jennison Associates.
• Global-e Online's latest earnings report showed a revenue growth of 30.2% year-over-year, with an EPS of ($0.11), slightly beating analyst expectations.

ARK Investment Management LLC reduced its stake in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 9.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 411,240 shares of the company's stock after selling 44,225 shares during the quarter. ARK Investment Management LLC owned approximately 0.24% of Global-e Online worth $14,661,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. TD Asset Management Inc increased its holdings in Global-e Online by 51.5% in the 1st quarter. TD Asset Management Inc now owns 79,837 shares of the company's stock worth $2,846,000 after acquiring an additional 27,137 shares during the last quarter. Phoenix Financial Ltd. purchased a new position in Global-e Online during the 1st quarter valued at about $4,716,000. Pacer Advisors Inc. grew its holdings in Global-e Online by 52.9% during the 1st quarter. Pacer Advisors Inc. now owns 1,410 shares of the company's stock valued at $50,000 after buying an additional 488 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Global-e Online during the 1st quarter valued at about $45,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Global-e Online in the first quarter worth approximately $1,165,000. 94.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. JMP Securities reiterated a "market outperform" rating and issued a $64.00 price objective on shares of Global-e Online in a research report on Thursday, May 15th. Piper Sandler reiterated an "overweight" rating and issued a $42.00 price objective on shares of Global-e Online in a research report on Wednesday, May 14th. Wells Fargo & Company lowered their price objective on Global-e Online from $45.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. Raymond James Financial decreased their target price on Global-e Online from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Finally, KeyCorp decreased their target price on Global-e Online from $60.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Global-e Online has an average rating of "Moderate Buy" and an average target price of $48.08.

Global-e Online Price Performance

Shares of NASDAQ:GLBE traded down $0.20 during trading on Wednesday, hitting $33.99. 356,859 shares of the company's stock were exchanged, compared to its average volume of 1,881,697. Global-e Online Ltd. has a 52-week low of $26.64 and a 52-week high of $63.69. The business's 50-day simple moving average is $32.91 and its 200 day simple moving average is $39.60. The company has a market cap of $5.77 billion, a price-to-earnings ratio of -94.44, a PEG ratio of 2.05 and a beta of 1.25.

Global-e Online (NASDAQ:GLBE - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $189.88 million during the quarter, compared to analysts' expectations of $187.84 million. Global-e Online had a negative return on equity of 6.96% and a negative net margin of 7.70%. The firm's revenue for the quarter was up 30.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.19) EPS. On average, sell-side analysts anticipate that Global-e Online Ltd. will post 0.25 EPS for the current fiscal year.

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.