ARK Investment Management LLC Trims Holdings in Global-E Online Ltd. (NASDAQ:GLBE)

ARK Investment Management LLC cut its holdings in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 9.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 462,340 shares of the company’s stock after selling 46,617 shares during the quarter. ARK Investment Management LLC owned 0.28% of Global-E Online worth $17,772,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Toronto Dominion Bank purchased a new position in Global-E Online during the second quarter valued at approximately $40,000. DekaBank Deutsche Girozentrale increased its holdings in Global-E Online by 18.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 4,010 shares of the company’s stock valued at $146,000 after buying an additional 624 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Global-E Online by 15.2% in the first quarter. Russell Investments Group Ltd. now owns 5,911 shares of the company’s stock valued at $215,000 after buying an additional 780 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Global-E Online during the 2nd quarter worth about $220,000. Finally, Avitas Wealth Management LLC acquired a new stake in shares of Global-E Online during the 2nd quarter valued at about $224,000. 94.60% of the stock is owned by hedge funds and other institutional investors.

Global-E Online Trading Up 0.2 %

NASDAQ:GLBE opened at $39.78 on Friday. The company has a market cap of $6.53 billion, a P/E ratio of -61.20 and a beta of 1.10. Global-E Online Ltd. has a twelve month low of $27.30 and a twelve month high of $42.88. The company’s 50-day moving average price is $37.13 and its 200-day moving average price is $34.41.

Global-E Online (NASDAQ:GLBE) 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 net margin of 17.33% and a negative return on equity of 16.41%. The business’s revenue was up 26.0% on a year-over-year basis. During the same period last year, the company posted ($0.22) EPS. On average, analysts expect that Global-E Online Ltd. will post -0.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Bank of America reduced their price target on Global-E Online from $47.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Needham & Company LLC reiterated a “buy” rating and set a $48.00 target price on shares of Global-E Online in a research report on Thursday, August 15th. Morgan Stanley lowered shares of Global-E Online from an “overweight” rating to an “equal weight” rating and set a $40.00 price target for the company. in a report on Friday, October 18th. UBS Group decreased 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 report on Friday, October 18th. Finally, Piper Sandler reissued a “buy” rating on shares of Global-E Online in a research note 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.