Global-e Online (NASDAQ:GLBE) Rating Lowered to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded Global-e Online from a “strong-buy” to a “hold,” though the broader analyst view remains positive with a consensus rating of “Moderate Buy” and an average target price of $43.92.
• Global-e shares rose 3.5% and opened at $32.89, while the company’s latest earnings beat estimates with Q1 EPS of $0.27 versus $0.18 expected and revenue up 32.8% year over year.
• Insider selling has continued, including recent sales by the COO and president, and insiders have sold 231,554 shares over the past 90 days even as the company remains heavily owned by institutions.

Global-e Online (NASDAQ:GLBE - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

Several other analysts have also recently weighed in on the stock. Benchmark reissued a "buy" rating on shares of Global-e Online in a research note on Wednesday, May 27th. Piper Sandler reaffirmed an "overweight" rating on shares of Global-e Online in a research report on Thursday, February 19th. Needham & Company LLC reaffirmed a "buy" rating on shares of Global-e Online in a research report on Wednesday, May 27th. Truist Financial cut their price target on shares of Global-e Online from $37.00 to $34.00 and set a "hold" rating on the stock in a research report on Wednesday, May 27th. Finally, Bank of America started coverage on shares of Global-e Online in a research report on Tuesday, March 31st. They set a "buy" rating and a $43.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.92.

Global-e Online Stock Up 3.5%

Shares of Global-e Online stock opened at $32.89 on Wednesday. Global-e Online has a twelve month low of $26.84 and a twelve month high of $41.94. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of 50.60 and a beta of 1.16. The company's fifty day moving average is $30.94 and its 200 day moving average is $34.80.

Global-e Online (NASDAQ:GLBE - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. Global-e Online had a net margin of 11.37% and a return on equity of 12.64%. The company had revenue of $252.09 million for the quarter, compared to analysts' expectations of $250.78 million. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. Global-e Online's revenue for the quarter was up 32.8% on a year-over-year basis. As a group, equities analysts anticipate that Global-e Online will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Shahar Tamari sold 25,949 shares of the company's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $34.79, for a total transaction of $902,765.71. Following the transaction, the chief operating officer owned 3,790,225 shares in the company, valued at approximately $131,861,927.75. This represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Nir Debbi sold 9,233 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $33.70, for a total transaction of $311,152.10. Following the transaction, the president owned 4,559,466 shares in the company, valued at $153,654,004.20. This represents a 0.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 231,554 shares of company stock worth $7,645,702. Company insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On Global-e Online

Institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc lifted its stake in Global-e Online by 73.3% in the 3rd quarter. IFP Advisors Inc now owns 1,059 shares of the company's stock worth $38,000 after purchasing an additional 448 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Global-e Online by 67.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,314 shares of the company's stock worth $47,000 after purchasing an additional 528 shares in the last quarter. California State Teachers Retirement System lifted its stake in Global-e Online by 0.5% in the 4th quarter. California State Teachers Retirement System now owns 116,092 shares of the company's stock worth $4,564,000 after purchasing an additional 533 shares in the last quarter. Main Management ETF Advisors LLC lifted its stake in Global-e Online by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 52,461 shares of the company's stock worth $2,062,000 after purchasing an additional 536 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Global-e Online by 28.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,954 shares of the company's stock worth $106,000 after purchasing an additional 649 shares in the last quarter. Institutional investors and hedge funds own 94.60% of the company's stock.

Global-e Online News Roundup

Here are the key news stories impacting Global-e Online this week:

• Positive Sentiment: Global-e’s board approved a new share repurchase program of up to $500 million, following completion of about 80% of its prior $200 million plan. This could support the stock by reducing share count and signaling confidence in future cash generation. Global-e Announces Board Authorization of $500 Million Share Repurchase Program
• Neutral Sentiment: The company noted that repurchases depend on regulatory approval in Israel, creditor objections, market conditions, liquidity, and other factors, so the buyback may not be executed as planned. Global-e Announces Board Authorization of $500 Million Share Repurchase Program
• Negative Sentiment: Recent insider selling from CEO Amir Schlachet, President Nir Debbi, and COO Shahar Tamari may weigh on sentiment, even though the sales were relatively small compared with their overall holdings. Insider sale filing

Global-e Online Company Profile

Global-e Online Ltd. NASDAQ: GLBE is a leading cross-border e-commerce platform that enables online merchants to expand sales internationally. The company's cloud-based solution integrates with major e-commerce systems to offer localized checkout experiences, dynamic currency conversion, import duties and taxes calculation, fraud prevention, and compliance with local trade regulations. By managing the end-to-end complexities of global transactions, Global-e helps retailers streamline their international operations and deliver a seamless shopping experience to customers worldwide.

Central to Global-e's offering is a comprehensive suite of services that includes customizable checkout in the buyer's local language, real-time display of prices in over 140 currencies, support for region-specific payment methods, and transparent calculation of duties and taxes at point of sale.

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