Global-E Online Ltd. (NASDAQ:GLBE) reported worse-than-expected third-quarter revenue results and issued weak FY23 revenue guidance.
Global-E Online reported third-quarter FY23 sales growth of 27% year-over-year, to $133.605 million, missing the consensus of $140.97 million. Loss per share of $(0.20) beat the consensus loss of $(0.23).
The company reduced the FY23 revenue outlook to $563 million-$571 million (prior expectation $570 million-$596 million), vs. the consensus of $588.85 million.
Global-E Online shares fell 27.1% to close at $28.75 on Wednesday.
These analysts made changes to their price targets on Global-E Online following earnings announcement.
- Raymond James cut the price target on Global-E Online from $45 to $41. Raymond James analyst Brian Peterson maintained an Outperform rating.
- Keybanc slashed the price target on Global-E Online from $42 to $40. Keybanc analyst Josh Beck maintained an Overweight rating.
- Morgan Stanley lowered the price target on Global-E Online from $41 to $33. Morgan Stanley analyst James Faucette maintained an Equal-Weight rating.
- Needham analyst Scott Berg, meanwhile, reiterated Global E Online with a Buy and maintained a $48 price target.
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