Global-E Online Ltd. (NASDAQ:GLBE) Sees Large Decline in Short Interest

Global-E Online Ltd. (NASDAQ:GLBE) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 7,980,000 shares, a decrease of 9.5% from the October 15th total of 8,820,000 shares. Based on an average daily volume of 926,100 shares, the short-interest ratio is currently 8.6 days. Approximately 8.4% of the company’s stock are sold short.

Global-E Online Trading Up 1.3 %

Shares of Global-E Online stock traded up $0.52 during trading on Monday, hitting $40.82. 769,186 shares of the stock were exchanged, compared to its average volume of 1,087,625. Global-E Online has a 1-year low of $28.11 and a 1-year high of $43.52. The stock has a market capitalization of $6.70 billion, a price-to-earnings ratio of -62.80 and a beta of 1.10. The company has a fifty day moving average price of $38.28 and a 200-day moving average price of $34.85.

Hedge Funds Weigh In On Global-E Online

A number of institutional investors have recently bought and sold shares of the business. Dragoneer Investment Group LLC lifted its position in shares of Global-E Online by 9.6% in the second quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company’s stock valued at $534,403,000 after buying an additional 1,288,829 shares during the last quarter. Abdiel Capital Advisors LP boosted its position in Global-E Online by 1.4% during the second quarter. Abdiel Capital Advisors LP now owns 6,776,495 shares of the company’s stock worth $245,783,000 after purchasing an additional 95,741 shares during the period. Capital World Investors boosted its position in Global-E Online by 60.5% during the first quarter. Capital World Investors now owns 4,983,485 shares of the company’s stock worth $181,150,000 after purchasing an additional 1,877,953 shares during the period. Clearbridge Investments LLC bought a new position in shares of Global-E Online in the second quarter valued at about $83,036,000. Finally, Brown Capital Management LLC acquired a new stake in shares of Global-E Online during the 1st quarter worth about $69,352,000. Institutional investors and hedge funds own 94.60% of the company’s stock.

Wall Street Analysts Forecast Growth

GLBE has been the topic of a number of research reports. Jefferies Financial Group boosted their price target on Global-E Online from $45.00 to $50.00 and gave the company a “buy” rating in a report on Monday. Bank of America cut their target price on Global-E Online from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Benchmark raised their price target on shares of Global-E Online from $41.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday. UBS Group cut their price objective on shares of Global-E Online from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Morgan Stanley downgraded shares of Global-E Online from an “overweight” rating to an “equal weight” rating and set a $40.00 target price for the company. in a research report on Friday, October 18th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.27.

Global-E Online Company 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.