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

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

Analyst Ratings Changes

RELY has been the topic of a number of research analyst reports. BMO Capital Markets raised their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday. JMP Securities raised their target price 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. Finally, Barclays lifted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Remitly Global Price Performance

The company has a market cap of $4.79 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07. The business’s fifty day moving average price is $23.64 and its 200 day moving average price is $18.71.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share 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 during the quarter, compared to the consensus estimate of $343.67 million. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In related news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction 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 completion of the transaction, the insider now 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock valued at $1,467,012 over the last quarter. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp bought a new stake in Remitly Global in the fourth quarter valued at $211,000. Neo Ivy Capital Management increased its stake in Remitly Global by 101.2% in the fourth quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider’s stock valued at $2,127,000 after purchasing an additional 47,430 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Remitly Global by 30.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider’s stock valued at $7,103,000 after purchasing an additional 72,687 shares in the last quarter. Washington Harbour Partners LP bought a new stake in Remitly Global in the fourth quarter valued at $2,009,000. Finally, Vident Advisory LLC increased its stake in Remitly Global by 56.6% in the fourth quarter. Vident Advisory LLC now owns 86,220 shares of the financial services provider’s stock valued at $1,946,000 after purchasing an additional 31,145 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

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.