Global-E Online Ltd. (NASDAQ:GLBE) Short Interest Down 9.5% in October

Global-E Online Ltd. (NASDAQ:GLBE) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 7,980,000 shares, a drop 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 presently 8.6 days. Currently, 8.4% of the shares of the stock are sold short.

Global-E Online Stock Up 1.3 %

NASDAQ GLBE traded up $0.52 during trading on Monday, reaching $40.82. 769,186 shares of the stock traded hands, compared to its average volume of 1,087,625. Global-E Online has a fifty-two week low of $28.11 and a fifty-two week high of $43.52. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of -62.80 and a beta of 1.10. The stock’s 50-day moving average price is $38.28 and its 200 day moving average price is $34.85.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GLBE. Benchmark upped their price objective on Global-E Online from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. Morgan Stanley cut Global-E Online from an “overweight” rating to an “equal weight” rating and set a $40.00 price target on the stock. in a report on Friday, October 18th. KeyCorp dropped their price objective on Global-E Online from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Needham & Company LLC restated a “buy” rating and set a $48.00 target price on shares of Global-E Online in a research report on Monday. Finally, Bank of America lowered their price target on shares of Global-E Online from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.27.

Hedge Funds Weigh In On Global-E Online

Institutional investors and hedge funds have recently made changes to their positions in the company. CIBC Asset Management Inc lifted its holdings in Global-E Online by 4.4% during the third quarter. CIBC Asset Management Inc now owns 9,420 shares of the company’s stock worth $362,000 after acquiring an additional 393 shares in the last quarter. American International Group Inc. lifted its holdings in shares of Global-E Online by 3.2% during the 1st quarter. American International Group Inc. now owns 15,619 shares of the company’s stock valued at $568,000 after purchasing an additional 484 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Global-E Online by 7.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 7,300 shares of the company’s stock valued at $265,000 after purchasing an additional 500 shares during the period. Van ECK Associates Corp increased its stake in Global-E Online by 1.6% during the 3rd quarter. Van ECK Associates Corp now owns 32,828 shares of the company’s stock worth $1,235,000 after purchasing an additional 508 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in Global-E Online by 18.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 4,010 shares of the company’s stock worth $146,000 after buying an additional 624 shares during the period. Institutional investors and hedge funds own 94.60% of the company’s stock.

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.