Remitly Global (NASDAQ:RELY) Shares Down 3% – What’s Next?

Remitly Global, Inc. (NASDAQ:RELY)’s stock price was down 3% during mid-day trading on Thursday . The stock traded as low as $21.75 and last traded at $21.89. Approximately 609,475 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 1,707,234 shares. The stock had previously closed at $22.57.

Wall Street Analyst Weigh In

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

Remitly Global Price Performance

The firm has a market capitalization of $4.55 billion, a P/E ratio of -65.69 and a beta of 0.07. The business’s 50-day moving average is $20.57 and its 200 day moving average is $15.92.

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

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,012 shares of company stock valued at $1,435,212. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in shares of Remitly Global by 10,213.8% in the 3rd 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 in the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in Remitly Global by 18.5% in the 3rd 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 purchasing an additional 9,323 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Remitly Global in the third quarter valued at approximately $628,000. Geode Capital Management LLC grew its stake in shares of Remitly Global by 3.2% during the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after buying an additional 107,468 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Remitly Global during the third quarter worth $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.