Allspring Global Investments Holdings LLC Lowers Stake in Global-E Online Ltd. (NASDAQ:GLBE)

Allspring Global Investments Holdings LLC trimmed its position in shares of Global-E Online Ltd. (NASDAQ:GLBE - Free Report) by 50.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 909,665 shares of the company's stock after selling 918,047 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.55% of Global-E Online worth $34,968,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. raised its stake in Global-E Online by 10.0% during the 1st quarter. Sei Investments Co. now owns 262,603 shares of the company's stock valued at $9,546,000 after buying an additional 23,823 shares during the last quarter. Tidal Investments LLC purchased a new position in Global-E Online in the first quarter worth about $2,521,000. Capital International Investors increased its position in shares of Global-E Online by 51.2% during the 1st quarter. Capital International Investors now owns 1,003,229 shares of the company's stock valued at $36,467,000 after purchasing an additional 339,591 shares during the last quarter. Dragoneer Investment Group LLC lifted its stake in shares of 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. Finally, WINTON GROUP Ltd bought a new stake in Global-E Online during the second quarter valued at approximately $623,000. 94.60% of the stock is currently owned by hedge funds and other institutional investors.

Global-E Online Price Performance

Shares of NASDAQ:GLBE traded down $1.69 during trading hours on Wednesday, hitting $37.61. 924,810 shares of the company's stock traded hands, compared to its average volume of 1,108,539. The firm has a market capitalization of $6.18 billion, a P/E ratio of -50.82 and a beta of 1.10. The business has a fifty day moving average price of $36.16 and a 200-day moving average price of $34.10. Global-E Online Ltd. has a 1 year low of $27.30 and a 1 year high of $42.88.

Global-E Online (NASDAQ:GLBE - Get Free Report) last released its earnings results on Wednesday, August 14th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The business had revenue of $168.00 million for the quarter, compared to analyst estimates of $165.95 million. Global-E Online had a negative return on equity of 16.41% and a negative net margin of 17.33%. The business's revenue was up 26.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) earnings per share. As a group, equities analysts predict that Global-E Online Ltd. will post -0.5 earnings per share for the current year.

Analyst Ratings Changes

GLBE has been the topic of several analyst reports. 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 Thursday, August 15th. The Goldman Sachs Group reissued a "buy" rating and set a $43.00 price target on shares of Global-E Online in a report on Monday, July 1st. UBS Group decreased their price objective on 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. Bank of America lowered their price objective on Global-E Online from $47.00 to $45.00 and set a "buy" rating on the stock in a research report on Thursday, August 15th. Finally, KeyCorp reduced their target price on shares of Global-E Online from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Thursday, August 15th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, Global-E Online has an average rating of "Moderate Buy" and a consensus target price of $43.09.

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.