Summit Creek Advisors LLC Cuts Holdings in Global-e Online Ltd. (NASDAQ:GLBE)

Key Points

• Summit Creek Advisors LLC has reduced its holdings in Global-e Online Ltd. by 23.4%, selling 58,666 shares during the first quarter, and now owns approximately 0.11% of the company worth about $6.84 million.
• Global-e Online reported earnings per share of ($0.11) for the quarter, exceeding analyst expectations, with a 30.2% increase in revenue year-over-year.
• Major institutions have also modified their holdings, with 94.60% of the stock now owned by hedge funds and institutional investors, illustrating strong interest in Global-e Online's market position.

Summit Creek Advisors LLC reduced its position in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 23.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 191,802 shares of the company's stock after selling 58,666 shares during the quarter. Summit Creek Advisors LLC owned about 0.11% of Global-e Online worth $6,838,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Global-e Online in the 1st quarter worth $1,165,000. Sphera Management Technology Funds Ltd purchased a new position in shares of Global-e Online in the 4th quarter worth $1,636,000. Ethic Inc. purchased a new position in shares of Global-e Online in the 4th quarter worth $428,000. Noked Israel Ltd raised its position in shares of Global-e Online by 68.5% in the 4th quarter. Noked Israel Ltd now owns 252,818 shares of the company's stock worth $13,786,000 after buying an additional 102,818 shares during the period. Finally, Barton Investment Management raised its position in shares of Global-e Online by 3.4% in the 1st quarter. Barton Investment Management now owns 1,036,767 shares of the company's stock worth $36,961,000 after buying an additional 34,080 shares during the period. 94.60% of the stock is owned by hedge funds and other institutional investors.

Global-e Online Price Performance

Shares of Global-e Online stock opened at $34.69 on Monday. The business has a 50-day moving average of $32.84 and a 200-day moving average of $39.77. The company has a market capitalization of $5.89 billion, a PE ratio of -96.36, a P/E/G ratio of 2.06 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.

Global-e Online (NASDAQ:GLBE - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $189.88 million during the quarter, compared to the consensus estimate of $187.84 million. Global-e Online had a negative return on equity of 6.96% and a negative net margin of 7.70%. The company's revenue was up 30.2% on a year-over-year basis. During the same period last year, the firm earned ($0.19) earnings per share. On average, equities analysts expect that Global-e Online Ltd. will post 0.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GLBE shares. Truist Financial increased their target price on Global-e Online from $31.00 to $32.00 and gave the stock a "sell" rating in a research report on Thursday, July 17th. KeyCorp cut their price objective on Global-e Online from $60.00 to $45.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Raymond James Financial cut their price objective on Global-e Online from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, May 15th. Benchmark cut their price objective on Global-e Online from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Finally, Piper Sandler reissued an "overweight" rating and issued a $42.00 price objective on shares of Global-e Online in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Global-e Online has a consensus rating of "Moderate Buy" and a consensus price target of $48.08.

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.

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