Global-E Online Ltd. (NASDAQ:GLBE) Sees Significant Increase in Short Interest

Global-E Online Ltd. (NASDAQ:GLBE) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 9,320,000 shares, an increase of 11.5% from the March 31st total of 8,360,000 shares. Approximately 8.8% of the shares of the stock are short sold. Based on an average daily volume of 1,160,000 shares, the days-to-cover ratio is presently 8.0 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GLBE. ARK Investment Management LLC grew its stake in Global-E Online by 7.0% during the 4th quarter. ARK Investment Management LLC now owns 1,133,401 shares of the company’s stock worth $44,917,000 after buying an additional 73,753 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Global-E Online by 344.4% in the 4th quarter. Raymond James & Associates now owns 48,802 shares of the company’s stock worth $1,934,000 after acquiring an additional 37,821 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Global-E Online by 6.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,686,041 shares of the company’s stock worth $66,818,000 after purchasing an additional 100,864 shares during the period. Wellington Management Group LLP boosted its stake in Global-E Online by 139.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,265,548 shares of the company’s stock valued at $50,293,000 after purchasing an additional 737,019 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. acquired a new stake in shares of Global-E Online in the third quarter valued at $839,000. Hedge funds and other institutional investors own 94.60% of the company’s stock.

Wall Street Analyst Weigh In

GLBE has been the topic of a number of research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $50.00 price target on shares of Global-E Online in a research note on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and set a $48.00 price target on shares of Global-E Online in a research note on Friday, April 5th. The Goldman Sachs Group increased their target price on shares of Global-E Online from $36.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $40.00 price objective on shares of Global-E Online in a research report on Monday, April 1st. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Global-E Online Stock Performance

NASDAQ GLBE traded down $0.43 during mid-day trading on Wednesday, reaching $33.10. 701,687 shares of the stock were exchanged, compared to its average volume of 1,075,817. The stock has a market capitalization of $5.44 billion, a PE ratio of -40.86 and a beta of 1.10. Global-E Online has a 1-year low of $26.01 and a 1-year high of $45.72. The business’s fifty day simple moving average is $34.46 and its 200 day simple moving average is $36.19.

Global-E Online (NASDAQ:GLBE) last released its earnings results on Wednesday, February 21st. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The company had revenue of $185.40 million during the quarter, compared to analyst estimates of $181.74 million. Global-E Online had a negative return on equity of 19.33% and a negative net margin of 23.48%. Global-E Online’s revenue was up 32.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.18) earnings per share. On average, analysts anticipate that Global-E Online will post -0.5 EPS for the current 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.