Fred Alger Management LLC Makes New $53.49 Million Investment in Global-E Online Ltd. (NASDAQ:GLBE)

Fred Alger Management LLC acquired a new position in shares of Global-E Online Ltd. (NASDAQ:GLBE) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,391,602 shares of the company’s stock, valued at approximately $53,493,000.

A number of other large investors have also recently bought and sold shares of GLBE. Russell Investments Group Ltd. grew its stake in Global-E Online by 15.2% during the first quarter. Russell Investments Group Ltd. now owns 5,911 shares of the company’s stock worth $215,000 after buying an additional 780 shares in the last quarter. American International Group Inc. lifted its holdings in shares of Global-E Online by 3.2% in the first quarter. American International Group Inc. now owns 15,619 shares of the company’s stock worth $568,000 after acquiring an additional 484 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Global-E Online by 28.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,985 shares of the company’s stock worth $654,000 after acquiring an additional 3,985 shares during the last quarter. Silvercrest Asset Management Group LLC bought a new position in shares of Global-E Online in the first quarter worth about $480,000. Finally, California State Teachers Retirement System lifted its holdings in shares of Global-E Online by 12.4% in the first quarter. California State Teachers Retirement System now owns 127,869 shares of the company’s stock worth $4,648,000 after acquiring an additional 14,139 shares during the last quarter. 94.60% of the stock is currently owned by institutional investors and hedge funds.

Global-E Online Stock Performance

Global-E Online stock opened at $51.86 on Friday. Global-E Online Ltd. has a 52-week low of $28.11 and a 52-week high of $52.57. The firm has a 50 day moving average price of $40.03 and a two-hundred day moving average price of $35.72. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of -89.41 and a beta of 1.10.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GLBE shares. Raymond James increased their target price on shares of Global-E Online from $41.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Jefferies Financial Group increased their target price on shares of Global-E Online from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Benchmark increased their target price on shares of Global-E Online from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, November 18th. UBS Group dropped their target price on shares of Global-E Online from $50.00 to $48.00 and set a “buy” rating for the company in a report on Friday, October 18th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $63.00 price objective (up previously from $44.00) on shares of Global-E Online in a report on Thursday, November 21st. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Global-E Online currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.33.

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.