This Cross-Border E-Commerce Stock Is Down 47% This Past Year, but One Fund Added Another $4 Million to Its Stake

Keenan Capital disclosed a purchase of 95,988 shares of Global-E Online (NASDAQ:GLBE) in its February 13, 2026, SEC filing, with the estimated transaction value at $3.56 million based on quarterly average pricing.

What happened

According to a February 13, 2026, SEC filing, Keenan Capital, LLC increased its position in Global-E Online (NASDAQ:GLBE) by 95,988 shares during the fourth quarter of 2025. The estimated transaction value is approximately $3.56 million, based on the average closing price of the stock over the quarter. The quarter-end value of the stake rose by $10.05 million, reflecting both the additional shares and price changes.

What else to know

• This buy brought Global-E Online to 13.36% of Keenan Capital’s 13F reportable AUM.
• Top holdings after the filing:
  • NASDAQ: APP: $119.08 million (21.7% of AUM)
  • NYSE: CWAN: $88.30 million (16.1% of AUM)
  • NASDAQ: GLBE: $73.32 million (13.4% of AUM)
  • NASDAQ: WDAY: $68.57 million (12.5% of AUM)
  • NYSE: GDDY: $67.63 million (12.3% of AUM)
• As of February 12, 2026, shares of Global-E Online were priced at $32.69, down 47.0% over the past year and underperforming the S&P 500 by 59.88 percentage points.

Company overview

Company snapshot

• Global-E Online provides a technology platform for cross-border direct-to-consumer e-commerce, enabling merchants to sell internationally and shoppers to purchase from global brands.
• The company serves online retailers and brands targeting international consumers across Israel, the United Kingdom, the United States, and additional global markets.

Global-E Online operates at scale in the cross-border e-commerce sector, supporting over a thousand employees and serving a wide international merchant base. The company’s strategy centers on simplifying global online sales for brands by managing payments, compliance, and logistics, giving merchants access to customers worldwide. Its competitive advantage lies in its specialized platform that addresses the complexities of international e-commerce, positioning it as a key enabler for global retail expansion.

What this transaction means for investors

Allocating more than 13% of a portfolio to a stock that is down 47% over the past year signals conviction in execution rather than recent price action, and Global-E’s third-quarter numbers support that thesis. GMV climbed 33% to $1.51 billion, while revenue rose 25% to $220.8 million. Importantly, net profit turned positive at $13.2 million versus a $22.6 million loss a year earlier.

The company also raised full-year 2025 revenue guidance to as high as $960.1 million and expects adjusted EBITDA between $185.6 million and $200 million. That is not a business shrinking into irrelevance.

Within the broader portfolio, this holding sits alongside other high-growth software names like AppLovin and Workday, revealing somewhat of a pattern: concentrated exposure to scalable platforms with expanding margins.

For long-term investors, the question is whether cross-border commerce remains structurally underpenetrated. If GMV continues compounding and cash flow scales with it, today’s drawdown may look less like deterioration and more like dislocation.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Global-E Online and Workday. The Motley Fool recommends GoDaddy. The Motley Fool has a disclosure policy.