Shares of cross-border eCommerce platform Global-e (NASDAQ:GLBE) are rising today after the company announced an impressive performance for the Black Friday to Cyber Monday (BFCM) weekend.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
During the weekend, the company clocked a record 53% jump in sales compared to the previous year. This sales jump was across multiple markets globally, with notable increases across the U.S., UK, Canada, Italy, France, Mexico, Japan, Australia, and Saudi Arabia. Additionally, eCommerce sales on the company’s platform rose by nearly 100% in November over October.
Nir Debbi, the Co-founder and President of Global-e, remarked, “As we reflect on the numbers, it is evident that the global eCommerce market experienced strong growth, leading up to and during the Black Friday/Cyber Monday weekend.”
GLBE has experienced a steady uptick in its top line for quite some time now. The company’s sales rose from $245.3 million in 2021 to $409 million in 2022. These gains have led to a 63% rally in the company’s share price over the past year.
Is GLBE Stock a Buy, Sell, or a Hold?
Meanwhile, the Street has a Strong Buy consensus rating on Global-e Online and the average GLBE price target of $41.78 points to a further 19.3% potential upside in the stock.
Read full Disclosure