Remitly Global (NASDAQ:RELY) Shares Down 3% – Time to Sell?

Remitly Global, Inc. (NASDAQ:RELY) was down 3% during trading on Thursday . The company traded as low as $21.75 and last traded at $21.89. Approximately 609,475 shares traded hands during 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 Analysts Forecast Growth

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

Remitly Global Stock Performance

The firm’s fifty day simple moving average is $20.25 and its 200-day simple moving average is $15.79. The stock has a market cap of $4.42 billion, a P/E ratio of -63.71 and a beta of 0.10.

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

Insiders Place Their Bets

In related news, insider Joshua Hug sold 22,198 shares of the company’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 owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,012 shares of company stock worth $1,435,212. 8.10% of the stock is owned by corporate 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. grew its position in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in Remitly Global during the third quarter valued at about $76,000. FMR LLC increased its holdings in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares during the last quarter. nVerses Capital LLC raised its position in Remitly Global by 2,900.0% in the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 8,700 shares during the period. Finally, Green Alpha Advisors LLC purchased a new position in Remitly Global in the third quarter valued at about $144,000. Hedge funds and other 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.