Global-E Online Ltd

Morgan Stanley downgraded Global-e Online to equal-weight from overweight while raising its price target to $44 from $37. The bank said the market now better reflects the company's durable growth and competitive position, and further valuation expansion will likely depend on a meaningful ramp in Managed Markets and clearer disclosure around take rates. Morgan Stanley expects second-quarter gross merchandise volume to beat the high end of guidance by 1% to 2%, helped by strength at Alo, merchant promotions, the World Cup, the Champions League and favorable foreign-exchange trends. It also incorporated the Passport acquisition into its estimates, assuming it contributes about $25 million of revenue per quarter in the third and fourth quarters of 2026, and lifted its 2027 and 2028 gross profit and adjusted EBITDA estimates by about 2%. The bank raised its 2026 revenue estimate to $1.32 billion from $1.27 billion and its 2027 forecast to $1.77 billion from $1.64 billion, while expecting 2026 adjusted EBITDA of $286.4 million, up from $281 million previously.

Global-E Online Chief Operating Officer Tamari Shahar sold 24,999 ordinary shares at $36.81 per share on July 6, 2026, for a total transaction value of $920,000. Following the sale, Shahar retains approximately 3.9 million shares valued at $146.7 million based on the market close of $37.31, representing a minor portfolio adjustment. The COO also holds roughly 883,000 derivative securities, including restricted stock units vesting through April 2029, ensuring continued alignment with company performance. Global-E Online reported trailing twelve-month revenue of $1.0 billion and net income of $116.5 million, with a market capitalization of $6.3 billion. The stock has appreciated 12% over the past year as of the transaction date.