Envestnet Asset Management Inc. Trims Position in Global-e Online Ltd. (NASDAQ:GLBE)

Envestnet Asset Management Inc. decreased its position in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 15.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,347 shares of the company's stock after selling 9,206 shares during the period. Envestnet Asset Management Inc.'s holdings in Global-e Online were worth $1,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLBE. Fred Alger Management LLC grew its holdings in Global-e Online by 204.6% during the fourth quarter. Fred Alger Management LLC now owns 4,239,470 shares of the company's stock worth $231,178,000 after acquiring an additional 2,847,868 shares during the period. Lord Abbett & CO. LLC acquired a new stake in shares of Global-e Online during the 4th quarter worth approximately $40,146,000. Norges Bank purchased a new position in shares of Global-e Online during the 4th quarter valued at approximately $38,875,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of Global-e Online in the 4th quarter valued at $27,231,000. Finally, Marshall Wace LLP lifted its stake in shares of Global-e Online by 951.2% in the 4th quarter. Marshall Wace LLP now owns 437,421 shares of the company's stock valued at $23,853,000 after purchasing an additional 395,809 shares during the period. Institutional investors and hedge funds own 94.60% of the company's stock.

Global-e Online Stock Down 5.2%

NASDAQ GLBE traded down $1.73 during mid-day trading on Friday, hitting $31.42. The stock had a trading volume of 1,612,930 shares, compared to its average volume of 1,236,561. The firm's 50 day moving average is $32.97 and its 200 day moving average is $39.42. Global-e Online Ltd. has a twelve month low of $26.64 and a twelve month high of $63.69.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on GLBE shares. Raymond James Financial cut their price objective on shares of Global-e Online from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Wells Fargo & Company dropped their target price on Global-e Online from $45.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Benchmark cut their price target on 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. Piper Sandler reiterated an "overweight" rating and set a $42.00 price target on shares of Global-e Online in a research report on Wednesday, May 14th. Finally, JMP Securities reissued a "market outperform" rating and issued a $64.00 price objective on shares of Global-e Online in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $48.08.

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.