Remitly Global (NASDAQ:RELY) Shares Down 3.8% – What’s Next?

Shares of Remitly Global, Inc. (NASDAQ:RELY) were down 3.8% during trading on Monday . The stock traded as low as $19.34 and last traded at $19.15. Approximately 793,341 shares changed hands during trading, a decline of 54% from the average daily volume of 1,739,514 shares. The stock had previously closed at $19.90.

Analyst Ratings Changes

Several research firms have issued reports on RELY. JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. The Goldman Sachs Group raised their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Wells Fargo & Company raised their target price on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Finally, BMO Capital Markets upped their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Remitly Global Trading Down 3.4 %

The company has a market cap of $3.85 billion, a P/E ratio of -101.29 and a beta of 0.07. The stock’s 50 day moving average is $23.55 and its 200-day moving average is $19.62.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. As a group, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was 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 in the company, valued at $101,534,733.30. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several large investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in Remitly Global in the fourth quarter worth approximately $28,000. Advisors Asset Management Inc. increased its stake in shares of 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 in the 3rd quarter worth $76,000. R Squared Ltd purchased a new position in Remitly Global during the fourth quarter valued at $89,000. Finally, FMR LLC grew 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 valued at $93,000 after purchasing an additional 1,970 shares during the period. 74.25% of the stock is currently 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.