Institute for Wealth Management LLC. Invests $302,000 in Global-e Online Ltd. (NASDAQ:GLBE)

Institute for Wealth Management LLC. bought a new position in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,468 shares of the company's stock, valued at approximately $302,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fred Alger Management LLC increased its stake 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 valued at $231,178,000 after purchasing an additional 2,847,868 shares during the last quarter. Contour Asset Management LLC grew its position in shares of Global-e Online by 9.1% during the 4th quarter. Contour Asset Management LLC now owns 2,646,906 shares of the company's stock valued at $144,336,000 after buying an additional 220,519 shares during the last quarter. Clearbridge Investments LLC grew its position in shares of Global-e Online by 1.5% during the 4th quarter. Clearbridge Investments LLC now owns 2,268,618 shares of the company's stock valued at $123,708,000 after buying an additional 34,391 shares during the last quarter. Spyglass Capital Management LLC grew its position in shares of Global-e Online by 6.8% during the 4th quarter. Spyglass Capital Management LLC now owns 1,487,335 shares of the company's stock valued at $81,104,000 after buying an additional 94,664 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Global-e Online by 9.1% during the 4th quarter. American Century Companies Inc. now owns 1,209,833 shares of the company's stock valued at $65,972,000 after buying an additional 100,445 shares during the last quarter. 94.60% of the stock is owned by institutional investors.

Global-e Online Stock Down 0.9%

GLBE stock opened at $31.21 on Friday. The company has a market capitalization of $5.30 billion, a P/E ratio of -86.69, a PEG ratio of 1.87 and a beta of 1.26. The company has a 50-day simple moving average of $33.89 and a 200 day simple moving average of $43.64. Global-e Online Ltd. has a fifty-two week low of $26.64 and a fifty-two week high of $63.69.

Global-e Online (NASDAQ:GLBE - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The company 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 business's revenue for the quarter was up 30.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.19) EPS. Equities analysts anticipate that Global-e Online Ltd. will post 0.25 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GLBE. JMP Securities reaffirmed a "market outperform" rating and set a $64.00 target price on shares of Global-e Online in a report on Thursday, May 15th. Truist Financial began coverage on Global-e Online in a research note on Monday, June 2nd. They set a "sell" rating and a $31.00 price objective for the company. Piper Sandler restated an "overweight" rating and set a $42.00 price objective on shares of Global-e Online in a research note on Wednesday, May 14th. KeyCorp lowered their price target on shares of Global-e Online from $60.00 to $45.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, UBS Group lowered their price target on shares of Global-e Online from $68.00 to $64.00 and set a "buy" rating for the company in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.