Shares of Global-e Online (NASDAQ: GLBE) gained 38.8% in August 2022, according to data from S&P Global Market Intelligence . The Israel-based provider of international e-commerce shopping and shipping services posted impressive results in the second quarter, followed by a surge of bullish analyst reports. The stock gained 34% in the span of two days.
Global-e's second-quarter sales rose by 52% year over year, landing at $87.3 million. That result was 5% above the analyst consensus, which had been set in line with the midpoint of Global-e's guidance. Management set up third-quarter revenue targets comfortably ahead of the Wall Street projections at the time and also boosted its full-year sales guidance by 6%.
At least three analyst firms raised their price targets for Global-e over the next 48 hours. They cited the company's strong results in a challenging market. Koji Ikeda from Bank of America went as far as to call Global-e's guidance "conservative," even though the top-line growth was projected to accelerate to a 72% year-over-year gain in the third quarter.
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Why Global-e Online Shares Skyrocketed in August