Spyglass Capital Dumps $26 Million of Global-e Online Amid Stock's 24% Decline
Key Points
Sold 745,544 shares of Global-E Online; estimated trade size $26.22 million based on quarterly average pricing.
Quarter-end position value decreased by $45.70 million, a figure reflecting both trading and price movement.
The transaction represents a 1.97% change relative to the fund’s reportable U.S. equity AUM.
Post-trade, Spyglass holds 1,937,769 shares valued at $59.78 million.
Global-E Online now comprises 4.5% of fund AUM, placing it outside Spyglass’s top five holdings.
- 10 stocks we like better than Global-E Online ›
What happened
Spyglass Capital Management LLC disclosed in a May 15, 2026, SEC filing that it reduced its holdings in Global-E Online (NASDAQ:GLBE) by 745,544 shares during the first quarter. The estimated value of the shares sold is $26.22 million, based on the average quarterly closing price. The quarter-end value of the position declined by $45.70 million, reflecting both the share sale and market price changes.
What else to know
This sale reduces Global-E Online to 4.5% of Spyglass’s reportable U.S. equity AUM.
- Top five holdings after the filing:
- Samsara: $93.38 million (7.0% of AUM)
- Ascendis Pharma: $84.17 million (6.1% of AUM)
- Hubspot: $76.63 million (5.8% of AUM)
- Shift4 Payments: $76.58 million (5.8% of AUM)
- Affirm: $76.17 million (5.7% of AUM)
As of May 20, 2026, Global-E Online shares were priced at $30.04, down 8.3% over the past year, underperforming the S&P 500 by 33 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close May 20, 2026) | $30.04 |
| Market Capitalization | $4.81 billion |
| Revenue (TTM) | $1.02 billion |
| Net Income (TTM) | $116.48 million |
Company Snapshot
Global-e Online:
- Offers a technology platform enabling direct-to-consumer cross-border e-commerce, facilitating online purchases and sales for international merchants and shoppers.
- Serves online retailers and brands targeting international consumers in Israel, the United Kingdom, the United States, and other global markets.
- Provides merchants with tools to localize, manage, and optimize global online sales, including logistics and compliance support.
Global-E Online operates at scale in the cross-border e-commerce sector, leveraging its proprietary technology platform to streamline international transactions for merchants and shoppers.
What this transaction means for investors
Spyglass runs a highly concentrated portfolio and considers itself a “value investor in growth companies.” I’d argue that Global-e Online fits this billing to perfection, but Spyglass announced it was cutting its position in the company by roughly one-third in Q1. While it’s impossible to know their exact reasoning for the sale, the fact remains that GLBE stock has only risen 2% over the last five years, so it might have simply been time to reallocate a bit of that money. That said, GLBE is still a 4.5% position for Spyglass, so it is far from a meaningless position, even after the sale.
While its underperformance over the years has been pretty clear, I’d argue this was more about the stock being quite overvalued for most of this period, rather than anything wrong with GLBE’s actual operations. In fact, Global-e just grew GMV by 40% and revenue by 33%, while continuing to deliver positive FCF and net income. As with almost any technology or software stock these days, the company is facing the threat of AI -- but the complexities that GLBE’s platform solves give it a moat, in my eyes.
Its partnership with Shopify highlights this notion perfectly, as the massive e-commerce juggernaut would “vibe code” its own international D2C platform if it were that simple. Perhaps that day is on the horizon -- it is tough to tell as everything changes in an AI-powered world. However, with Global-e Online trading at 17 times FCF and 20 times forward earnings, while delivering 33% sales growth with improving profitability, I personally think it’s worth the gamble to buy-and-hold the niche leader for the long term and see what happens.
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Josh Kohn-Lindquist has positions in Global-E Online, Samsara, Shift4 Payments, and Shopify. The Motley Fool has positions in and recommends Ascendis Pharma A/s, Global-E Online, HubSpot, Samsara, Shift4 Payments, and Shopify. The Motley Fool has a disclosure policy.
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