Remitly Global (NASDAQ:RELY) Shares Down 3% – Here’s Why

Remitly Global, Inc. (NASDAQ:RELY) fell 3% during trading on Thursday . The stock traded as low as $21.75 and last traded at $21.89. 609,475 shares changed hands during trading, a decline of 64% from the average session volume of 1,707,234 shares. The stock had previously closed at $22.57.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RELY shares. JMP Securities boosted their price target on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Barclays increased their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. BMO Capital Markets increased their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Finally, KeyCorp raised their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.75.

Remitly Global Trading Up 2.6 %

The stock has a market capitalization of $4.55 billion, a P/E ratio of -65.69 and a beta of 0.07. The business has a fifty day simple moving average of $20.57 and a 200 day simple moving average of $15.92.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. As a group, research analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Activity at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 82,012 shares of company stock valued at $1,435,212 over the last ninety days. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently modified their holdings of RELY. Principal Financial Group Inc. grew its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in shares of Remitly Global by 18.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock valued at $799,000 after buying an additional 9,323 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Remitly Global during the 3rd quarter valued at $628,000. Geode Capital Management LLC grew its stake in shares of Remitly Global by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after acquiring an additional 107,468 shares during the period. Finally, M&T Bank Corp purchased a new stake in Remitly Global in the 3rd quarter worth about $693,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.