Global-E Online Ltd. (NASDAQ:GLBE) Short Interest Down 5.9% in November

Global-E Online Ltd. (NASDAQ:GLBE) was the target of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 7,510,000 shares, a decline of 5.9% from the October 31st total of 7,980,000 shares. Currently, 7.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,090,000 shares, the days-to-cover ratio is currently 6.9 days.

Global-E Online Price Performance

Global-E Online stock opened at $52.45 on Wednesday. The stock’s 50 day moving average price is $40.88 and its 200 day moving average price is $36.25. Global-E Online has a one year low of $28.11 and a one year high of $53.04.

Institutional Investors Weigh In On Global-E Online

Large investors have recently added to or reduced their stakes in the company. Dragoneer Investment Group LLC lifted its stake in shares of Global-E Online by 9.6% in the second quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company’s stock worth $534,403,000 after acquiring an additional 1,288,829 shares in the last quarter. Abdiel Capital Advisors LP increased its position in shares of Global-E Online by 1.4% in the 2nd quarter. Abdiel Capital Advisors LP now owns 6,776,495 shares of the company’s stock worth $245,783,000 after purchasing an additional 95,741 shares during the last quarter. Clearbridge Investments LLC bought a new position in shares of Global-E Online during the second quarter worth about $83,036,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in Global-E Online by 30.0% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,639,490 shares of the company’s stock worth $59,464,000 after purchasing an additional 378,827 shares in the last quarter. Finally, Eventide Asset Management LLC increased its holdings in Global-E Online by 59.1% in 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 last quarter. 94.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GLBE. Morgan Stanley downgraded Global-E Online from an “overweight” rating to an “equal weight” rating and set a $40.00 price objective on the stock. in a research report on Friday, October 18th. Bank of America reduced their price objective on shares of Global-E Online from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. JMP Securities lifted their target price on shares of Global-E Online from $46.00 to $64.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 21st. Jefferies Financial Group boosted their price target on Global-E Online from $45.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 18th. Finally, Raymond James raised their price objective on Global-E Online from $41.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.33.

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.