Bank of America Corp DE Acquires 156,641 Shares of Global-e Online Ltd. $GLBE

Key Points

• Bank of America increased its Global-e Online stake by 90.1% in the first quarter, adding 156,641 shares to hold 330,418 shares worth approximately $10.2 million. Institutional investors and hedge funds collectively own 94.6% of GLBE.
• Analysts remain broadly positive, with 13 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $47.23.
• Global-e Online reported quarterly EPS of $0.37 on revenue of $299 million. The stock opened at $40.55, compared with a 52-week range of $26.84 to $43.99, while company insiders sold about 634,497 shares worth $24.75 million in the past quarter.

Bank of America Corp DE lifted its holdings in shares of Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 90.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 330,418 shares of the company's stock after purchasing an additional 156,641 shares during the period. Bank of America Corp DE owned 0.19% of Global-e Online worth $10,193,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of GLBE. Caitong International Asset Management Co. Ltd bought a new stake in Global-e Online in the fourth quarter valued at $39,000. IFP Advisors Inc raised its position in Global-e Online by 73.3% in the third quarter. IFP Advisors Inc now owns 1,059 shares of the company's stock worth $38,000 after acquiring an additional 448 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Global-e Online by 67.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,314 shares of the company's stock valued at $47,000 after buying an additional 528 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Global-e Online by 780.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,823 shares of the company's stock valued at $61,000 after purchasing an additional 1,616 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Global-e Online in the fourth quarter worth $72,000. 94.60% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Global-e Online news, CEO Amir Schlachet sold 81,556 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $42.30, for a total transaction of $3,449,818.80. Following the sale, the chief executive officer directly owned 3,766,730 shares of the company's stock, valued at $159,332,679. The trade was a 2.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Shahar Tamari sold 24,999 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $41.59, for a total transaction of $1,039,708.41. Following the transaction, the chief operating officer owned 3,881,688 shares in the company, valued at $161,439,403.92. This trade represents a 0.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 634,497 shares of company stock valued at $24,749,587 in the last quarter. 11.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GLBE. The Goldman Sachs Group restated a "buy" rating on shares of Global-e Online in a research report on Wednesday, August 12th. BMO Capital Markets increased their target price on Global-e Online from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Piper Sandler restated an "overweight" rating and set a $48.00 target price on shares of Global-e Online in a report on Tuesday, August 11th. Morgan Stanley upped their price target on Global-e Online from $44.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 13th. Finally, Loop Capital set a $49.00 price target on Global-e Online in a research report on Wednesday, August 12th. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Global-e Online has a consensus rating of "Moderate Buy" and a consensus target price of $47.23.

Global-e Online Price Performance

NASDAQ GLBE opened at $40.55 on Monday. The company has a market capitalization of $6.88 billion, a P/E ratio of 47.15 and a beta of 1.03. The stock's 50-day moving average price is $37.66 and its 200-day moving average price is $34.13. Global-e Online Ltd. has a 52 week low of $26.84 and a 52 week high of $43.99.

Global-e Online (NASDAQ:GLBE - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The company reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $299.00 million during the quarter. Global-e Online had a return on equity of 16.70% and a net margin of 13.87%. Research analysts anticipate that Global-e Online Ltd. will post 1.13 EPS for the current year.

Global-e Online Profile

Global-e Online Ltd. NASDAQ: GLBE is a leading cross-border e-commerce platform that enables online merchants to expand sales internationally. The company's cloud-based solution integrates with major e-commerce systems to offer localized checkout experiences, dynamic currency conversion, import duties and taxes calculation, fraud prevention, and compliance with local trade regulations. By managing the end-to-end complexities of global transactions, Global-e helps retailers streamline their international operations and deliver a seamless shopping experience to customers worldwide.

Central to Global-e's offering is a comprehensive suite of services that includes customizable checkout in the buyer's local language, real-time display of prices in over 140 currencies, support for region-specific payment methods, and transparent calculation of duties and taxes at point of sale.

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