Global-e Online (NASDAQ:GLBE) Shares Gap Up on Strong Earnings

Key Points

• Global-e Online's shares surged from a previous closing of $33.97 to an opening of $36.93 following an earnings report that exceeded expectations.
• The company reported earnings per share (EPS) of $0.06, surpassing the consensus estimate of $0.03, and experienced a 27.9% increase in revenue year-over-year.
• Analysts have varied target prices for the stock, with a consensus rating of "Moderate Buy" and an average target price of $48.08 amidst multiple adjustments by different firms.

Shares of Global-e Online Ltd. (NASDAQ:GLBE - Get Free Report) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $33.97, but opened at $36.93. Global-e Online shares last traded at $31.36, with a volume of 1,700,384 shares trading hands.

The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. Global-e Online had a negative net margin of 7.70% and a negative return on equity of 6.96%. The company's revenue for the quarter was up 27.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.13) earnings per share.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GLBE shares. KeyCorp reduced their target price on shares of 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 reduced their target price on shares of 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. Wells Fargo & Company cut their price objective on shares of Global-e Online from $45.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. JMP Securities restated a "market outperform" rating and set a $64.00 target price on shares of Global-e Online in a research note on Thursday, May 15th. Finally, Benchmark lowered their target price on shares of Global-e Online from $61.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.08.

Institutional Investors Weigh In On Global-e Online

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLBE. Berbice Capital Management LLC bought a new stake in Global-e Online during the 1st quarter worth approximately $36,000. Assetmark Inc. purchased a new stake in Global-e Online during the 1st quarter valued at approximately $45,000. Geneos Wealth Management Inc. grew its holdings in Global-e Online by 67.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,314 shares of the company's stock valued at $47,000 after buying an additional 528 shares in the last quarter. Pacer Advisors Inc. grew its holdings in Global-e Online by 52.9% during the 1st quarter. Pacer Advisors Inc. now owns 1,410 shares of the company's stock valued at $50,000 after buying an additional 488 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Global-e Online during the 1st quarter valued at approximately $68,000. Institutional investors own 94.60% of the company's stock.

Global-e Online Stock Performance

The business's fifty day simple moving average is $33.24 and its 200-day simple moving average is $38.04. The firm has a market capitalization of $5.36 billion, a PE ratio of -86.11, a price-to-earnings-growth ratio of 1.95 and a beta of 1.24.

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.

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