Global-E Online (NASDAQ:GLBE) Hits New 52-Week High – Here’s Why

Global-E Online Ltd. (NASDAQ:GLBE)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $52.26 and last traded at $47.75, with a volume of 697622 shares changing hands. The stock had previously closed at $42.74.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GLBE. UBS Group cut their price objective on shares of Global-E Online from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, October 18th. KeyCorp cut their price objective on shares of Global-E Online from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Wells Fargo & Company upped their price objective on shares of Global-E Online from $45.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday. Jefferies Financial Group upped their price objective on shares of Global-E Online from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $48.00 price objective on shares of Global-E Online in a research note on Monday. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Global-E Online presently has an average rating of “Moderate Buy” and a consensus price target of $49.92.

Global-E Online Price Performance

The firm has a market cap of $8.19 billion, a P/E ratio of -76.75 and a beta of 1.10. The stock’s 50-day simple moving average is $38.90 and its two-hundred day simple moving average is $35.12.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in shares of Global-E Online during the third quarter valued at about $32,000. Toronto Dominion Bank purchased a new stake in shares of Global-E Online during the second quarter valued at about $40,000. Venturi Wealth Management LLC purchased a new stake in shares of Global-E Online during the third quarter valued at about $87,000. Quarry LP lifted its position in shares of Global-E Online by 226.1% during the third quarter. Quarry LP now owns 2,286 shares of the company’s stock valued at $88,000 after buying an additional 1,585 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Global-E Online by 18.4% during 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 during the last quarter. 94.60% of the stock is currently owned by institutional investors.

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.