Remitly Global (NASDAQ:RELY) Stock Price Down 7.6% – What’s Next?

Remitly Global, Inc. (NASDAQ:RELY)’s share price dropped 7.6% during mid-day trading on Friday . The company traded as low as $24.01 and last traded at $23.82. Approximately 822,276 shares changed hands during trading, a decline of 53% from the average daily volume of 1,739,888 shares. The stock had previously closed at $25.79.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of analyst reports. The Goldman Sachs Group upped their price objective on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday. BMO Capital Markets lifted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday. JMP Securities increased their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Barclays raised their target price on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, KeyCorp upped their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Remitly Global Price Performance

The firm has a market capitalization of $4.79 billion, a P/E ratio of -125.58 and a beta of 0.07. The business’s 50-day moving average is $23.64 and its 200 day moving average is $18.71.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

Large investors have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $28,000. Advisors Asset Management Inc. boosted its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,466 shares in the last quarter. Assetmark Inc. acquired a new stake in shares of Remitly Global during the 3rd quarter worth approximately $76,000. R Squared Ltd acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $89,000. Finally, FMR LLC boosted its position in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

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.