Nikko Asset Management Americas Inc. Cuts Stake in Global-e Online Ltd. (NASDAQ:GLBE)

Key Points

• Nikko Asset Management Americas Inc. has reduced its stake in Global-e Online Ltd. (NASDAQ:GLBE) by 4.2%, now owning approximately 0.63% of the company, valued at around $37.9 million.
• Global-e Online posted a quarterly revenue of $189.88 million, exceeding analysts' estimates, along with an earnings per share of ($0.11), beating the consensus prediction by $0.02.
• Multiple analysts have recently adjusted their price targets for Global-e Online, with a consensus target price of $48.08 and a general rating of "Moderate Buy."

Nikko Asset Management Americas Inc. lessened its stake in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,063,485 shares of the company's stock after selling 47,118 shares during the quarter. Nikko Asset Management Americas Inc. owned 0.63% of Global-e Online worth $37,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in Global-e Online in the 4th quarter worth about $2,868,000. Commonwealth Equity Services LLC bought a new stake in Global-e Online in the 4th quarter worth approximately $270,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Global-e Online during the 4th quarter valued at $294,000. Teacher Retirement System of Texas raised its stake in Global-e Online by 137.6% during the 4th quarter. Teacher Retirement System of Texas now owns 26,738 shares of the company's stock valued at $1,458,000 after buying an additional 15,486 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Global-e Online during the 4th quarter valued at $1,461,000. Hedge funds and other institutional investors own 94.60% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on GLBE shares. Wells Fargo & Company reduced their price objective on Global-e Online from $45.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. Piper Sandler restated an "overweight" rating and set a $42.00 price target on shares of Global-e Online in a research note on Wednesday, May 14th. The Goldman Sachs Group lowered their price objective on shares of Global-e Online from $59.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. KeyCorp cut their target price 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, Truist Financial upped their target price on shares of Global-e Online from $31.00 to $32.00 and gave the company a "sell" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $48.08.

Global-e Online Stock Down 0.4%

NASDAQ:GLBE traded down $0.14 during trading hours on Wednesday, hitting $34.05. 327,578 shares of the stock traded hands, compared to its average volume of 1,881,410. The company has a market cap of $5.78 billion, a price-to-earnings ratio of -94.63, a price-to-earnings-growth ratio of 2.05 and a beta of 1.25. Global-e Online Ltd. has a 1 year low of $26.64 and a 1 year high of $63.69. The stock has a 50 day moving average price of $32.91 and a 200 day moving average price of $39.60.

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 for the quarter, beating analysts' consensus estimates of ($0.13) by $0.02. The company had revenue of $189.88 million for the quarter, compared to analysts' expectations 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 for the quarter was up 30.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.19) EPS. Equities analysts forecast that Global-e Online Ltd. will post 0.25 earnings per share for the current fiscal year.

Global-e Online 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.