Global-E Online Analysts Cut Their Forecasts After Q3 Results
Portfolio Pulse from Lisa Levin
Global-E Online Ltd. (NASDAQ:GLBE) reported Q3 FY23 revenues of $133.605 million, missing consensus estimates of $140.97 million, and lowered FY23 revenue guidance to $563-$571 million from $570-$596 million, below the consensus of $588.85 million. The stock fell 27.1% after the announcement. Analysts from Raymond James, Keybanc, Morgan Stanley, and Needham adjusted their price targets accordingly, with varying ratings from Outperform to Equal-Weight.
November 16, 2023 | 2:30 pm
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Global-E Online's Q3 revenue miss and lowered FY23 guidance led to a significant stock price drop and revised analyst price targets.
The revenue miss and lowered guidance are strong indicators of potential challenges ahead for Global-E Online, which could lead to continued investor concern and downward pressure on the stock price in the short term. The stock's significant drop post-earnings reflects the market's negative reaction to the news.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100