Remitly Global (NASDAQ:RELY) Shares Down 3.2% – Here’s Why

Remitly Global, Inc. (NASDAQ:RELY)’s stock price dropped 3.2% during trading on Friday . The stock traded as low as $17.29 and last traded at $17.40. Approximately 321,299 shares traded hands during trading, a decline of 81% from the average daily volume of 1,669,250 shares. The stock had previously closed at $17.98.

Analysts Set New Price Targets

RELY has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $13.00 to $18.00 in a research report on Thursday. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday. Monness Crespi & Hardt lifted their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, JMP Securities lifted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and an average price target of $21.88.

Remitly Global Price Performance

The company has a fifty day simple moving average of $14.03 and a two-hundred day simple moving average of $14.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of -51.29 and a beta of 0.02.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. Remitly Global’s revenue was up 39.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.20) EPS. As a group, research analysts anticipate that Remitly Global, Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.10% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. increased its holdings in shares of Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,344 shares during the last quarter. Picton Mahoney Asset Management purchased a new stake in Remitly Global during the 1st quarter worth $37,000. Blue Trust Inc. purchased a new stake in Remitly Global during the 2nd quarter worth $43,000. Assetmark Inc. purchased a new stake in Remitly Global during the 3rd quarter worth $76,000. Finally, nVerses Capital LLC boosted its position in Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.