Cedar Wealth Management LLC Lowers Position in Global-e Online Ltd. (NASDAQ:GLBE)

Key Points

• Cedar Wealth Management LLC has reduced its stake in Global-e Online Ltd. by 44%, resulting in ownership of 16,006 shares valued at $571,000.
• Analysts have set a consensus price target of $48.08 for Global-e Online, with ratings ranging from sell to buy across various analysts.
• Global-e Online reported a 30.2% increase in quarterly revenue year-over-year, achieving $189.88 million despite posting a loss of $0.11 earnings per share, surpassing expectations.

Cedar Wealth Management LLC lessened its stake in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 44.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,006 shares of the company's stock after selling 12,576 shares during the quarter. Cedar Wealth Management LLC's holdings in Global-e Online were worth $571,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Commonwealth Equity Services LLC purchased a new stake in Global-e Online in the 4th quarter worth about $270,000. LPL Financial LLC lifted its holdings in Global-e Online by 90.6% in the fourth quarter. LPL Financial LLC now owns 51,123 shares of the company's stock valued at $2,788,000 after acquiring an additional 24,304 shares during the period. Norges Bank bought a new stake in Global-e Online during the 4th quarter valued at approximately $38,875,000. Pictet Asset Management Holding SA increased its stake in Global-e Online by 9.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 42,825 shares of the company's stock worth $2,335,000 after acquiring an additional 3,838 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Global-e Online during the 4th quarter valued at $18,643,000. Institutional investors and hedge funds own 94.60% of the company's stock.

Global-e Online Trading Up 1.1%

GLBE stock traded up $0.40 during trading on Thursday, reaching $35.21. 567,948 shares of the stock were exchanged, compared to its average volume of 1,860,808. Global-e Online Ltd. has a twelve month low of $26.64 and a twelve month high of $63.69. The stock has a 50 day simple moving average of $33.07 and a 200-day simple moving average of $38.79. The company has a market capitalization of $5.98 billion, a P/E ratio of -97.88, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24.

Global-e Online (NASDAQ:GLBE - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($0.11) earnings per share (EPS) 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 the consensus estimate of $187.84 million. Global-e Online had a negative net margin of 7.70% and a negative return on equity of 6.96%. Global-e Online's revenue was up 30.2% on a year-over-year basis. During the same period last year, the business posted ($0.19) EPS. Equities analysts predict that Global-e Online Ltd. will post 0.25 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GLBE shares. Needham & Company LLC restated a "buy" rating and issued a $40.00 target price on shares of Global-e Online in a research report on Thursday, May 15th. JMP Securities reiterated a "market outperform" rating and issued a $64.00 price target on shares of Global-e Online in a report on Thursday, May 15th. Truist Financial raised their price objective on shares of Global-e Online from $31.00 to $32.00 and gave the company a "sell" rating in a research note on Thursday, July 17th. Benchmark decreased their target price on shares of Global-e Online from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Raymond James Financial decreased their target price on shares of Global-e Online from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.08.

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.