Millennium Management LLC Sells 1,859,567 Shares of Global-E Online Ltd. (NASDAQ:GLBE)

Millennium Management LLC lessened its stake in shares of Global-E Online Ltd. (NASDAQ:GLBE - Free Report) by 82.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 408,335 shares of the company's stock after selling 1,859,567 shares during the quarter. Millennium Management LLC owned approximately 0.25% of Global-E Online worth $22,267,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Fred Alger Management LLC increased its holdings in Global-E Online by 204.6% during the 4th 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 period. Lord Abbett & CO. LLC purchased a new position in Global-E Online during the 4th quarter valued at about $40,146,000. Norges Bank purchased a new position in Global-E Online during the 4th quarter valued at about $38,875,000. SG Americas Securities LLC boosted its stake in Global-E Online by 5,939.0% during the fourth quarter. SG Americas Securities LLC now owns 636,393 shares of the company's stock worth $34,703,000 after acquiring an additional 625,855 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in Global-E Online in the fourth quarter worth about $27,231,000. Institutional investors own 94.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GLBE. Raymond James lowered their target price 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. Piper Sandler reiterated 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 cut their target price on Global-E Online from $60.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company reduced their price target on Global-E Online from $45.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, May 15th. Finally, Benchmark lowered their price target on Global-E Online from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Global-E Online presently has a consensus rating of "Buy" and a consensus price target of $49.42.

Global-E Online Trading Down 1.7%

NASDAQ:GLBE traded down $0.53 during mid-day trading on Monday, reaching $31.58. The company's stock had a trading volume of 1,756,039 shares, compared to its average volume of 1,427,801. The stock has a market cap of $5.36 billion, a P/E ratio of -71.77, a PEG ratio of 4.61 and a beta of 1.36. The firm's fifty day moving average price is $34.75 and its two-hundred day moving average price is $45.54. Global-E Online Ltd. has a 12-month low of $26.64 and a 12-month high of $63.69.

Global-E Online (NASDAQ:GLBE - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The firm 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 10.04% and a negative return on equity of 8.56%. The business's revenue for the quarter was up 30.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.19) earnings per share. Analysts predict that Global-E Online Ltd. will post 0.25 earnings per share for the current fiscal year.

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.