Fred Alger Management LLC Buys New Stake in Global-E Online Ltd. (NASDAQ:GLBE)

Fred Alger Management LLC bought a new position in Global-E Online Ltd. (NASDAQ:GLBE - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,391,602 shares of the company's stock, valued at approximately $53,493,000. Fred Alger Management LLC owned 0.85% of Global-E Online at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Dragoneer Investment Group LLC boosted its stake in Global-E Online by 9.6% in the 2nd quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company's stock worth $534,403,000 after purchasing an additional 1,288,829 shares during the period. Abdiel Capital Advisors LP boosted its position in shares of Global-E Online by 1.4% in the second quarter. Abdiel Capital Advisors LP now owns 6,776,495 shares of the company's stock worth $245,783,000 after buying an additional 95,741 shares during the period. Clearbridge Investments LLC purchased a new position in shares of Global-E Online during the second quarter valued at $83,036,000. Kayne Anderson Rudnick Investment Management LLC raised its position in Global-E Online by 30.0% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,639,490 shares of the company's stock valued at $59,464,000 after buying an additional 378,827 shares during the period. Finally, Eventide Asset Management LLC raised its position in Global-E Online by 59.1% during the third quarter. Eventide Asset Management LLC now owns 1,563,254 shares of the company's stock valued at $60,091,000 after buying an additional 580,450 shares during the period. 94.60% of the stock is owned by hedge funds and other institutional investors.

Global-E Online Stock Up 0.8 %

Shares of NASDAQ:GLBE traded up $0.42 on Friday, reaching $52.28. The company had a trading volume of 851,923 shares, compared to its average volume of 1,143,978. The stock has a market capitalization of $8.59 billion, a P/E ratio of -90.14 and a beta of 1.10. The stock has a 50-day moving average price of $40.31 and a 200 day moving average price of $35.83. Global-E Online Ltd. has a twelve month low of $28.11 and a twelve month high of $52.75.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Jefferies Financial Group lifted their target price on Global-E Online from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Monday, November 18th. Wells Fargo & Company raised their price target on shares of Global-E Online from $45.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, November 21st. UBS Group dropped 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 note on Friday, October 18th. KeyCorp increased their target price on shares of Global-E Online from $38.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Benchmark boosted their price target on shares of Global-E Online from $41.00 to $45.00 and gave the company a "buy" rating in a report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, Global-E Online currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

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.