CenterBook Partners LP Sells 34,240 Shares of Global-e Online Ltd. $GLBE

Key Points

• CenterBook Partners LP reduced its stake in Global-e Online by 15.7% in the fourth quarter, selling 34,240 shares and ending with 183,453 shares valued at about $7.2 million.
• Global-e Online reported better-than-expected quarterly results, with earnings of $0.27 per share versus the $0.18 estimate and revenue of $252.09 million, up 32.8% year over year.
• Analysts remain mostly positive on GLBE, with a Moderate Buy consensus rating and a consensus price target of $43.92, even as some firms trimmed their targets slightly.

CenterBook Partners LP decreased its position in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 15.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,453 shares of the company's stock after selling 34,240 shares during the quarter. CenterBook Partners LP owned approximately 0.11% of Global-e Online worth $7,212,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Arohi Asset Management PTE Ltd. grew its stake in shares of Global-e Online by 33.1% in the 3rd quarter. Arohi Asset Management PTE Ltd. now owns 3,757,091 shares of the company's stock worth $134,354,000 after acquiring an additional 934,207 shares in the last quarter. Wasatch Advisors LP grew its stake in shares of Global-e Online by 0.6% in the 3rd quarter. Wasatch Advisors LP now owns 3,443,071 shares of the company's stock worth $123,124,000 after acquiring an additional 18,889 shares in the last quarter. Spyglass Capital Management LLC grew its stake in shares of Global-e Online by 63.0% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,703,171 shares of the company's stock worth $96,665,000 after acquiring an additional 1,044,960 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Global-e Online by 47.1% in the 3rd quarter. Balyasny Asset Management L.P. now owns 2,273,405 shares of the company's stock worth $81,297,000 after acquiring an additional 728,309 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Global-e Online by 31.7% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,041,555 shares of the company's stock worth $80,254,000 after acquiring an additional 490,888 shares in the last quarter. Institutional investors own 94.60% of the company's stock.

Global-e Online Stock Performance

GLBE opened at $32.13 on Monday. The firm has a market cap of $5.45 billion, a P/E ratio of 49.43 and a beta of 1.16. The firm has a 50-day moving average of $30.94 and a 200 day moving average of $34.78. Global-e Online Ltd. has a fifty-two week low of $26.84 and a fifty-two week high of $41.94.

Global-e Online (NASDAQ:GLBE - Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. The company had revenue of $252.09 million during the quarter, compared to analyst estimates of $250.78 million. Global-e Online had a net margin of 11.37% and a return on equity of 12.64%. The firm's revenue for the quarter was up 32.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.11) earnings per share. Equities research analysts predict that Global-e Online Ltd. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on GLBE. Piper Sandler reiterated an "overweight" rating on shares of Global-e Online in a research note on Thursday, February 19th. UBS Group reduced their target price on shares of Global-e Online from $52.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, March 31st. Needham & Company LLC reiterated a "buy" rating on shares of Global-e Online in a research note on Wednesday, May 27th. Jefferies Financial Group reiterated a "buy" rating and issued a $40.00 target price on shares of Global-e Online in a research note on Wednesday, May 13th. Finally, Truist Financial reduced their target price on shares of Global-e Online from $37.00 to $34.00 and set a "hold" rating for the company in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.92.

Insider Activity at Global-e Online

In related news, CEO Amir Schlachet sold 16,666 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $34.45, for a total transaction of $574,143.70. Following the completion of the transaction, the chief executive officer owned 3,562,787 shares in the company, valued at approximately $122,738,012.15. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Nir Debbi sold 9,233 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $33.70, for a total transaction of $311,152.10. Following the transaction, the president owned 4,559,466 shares of the company's stock, valued at $153,654,004.20. This represents a 0.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 231,554 shares of company stock worth $7,645,702. 11.60% of the stock is owned by company insiders.

About Global-e Online

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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