Remitly Global (NASDAQ:RELY) Trading Down 3.8% – Here’s Why

Remitly Global, Inc. (NASDAQ:RELYGet Free Report) shares dropped 3.8% on Monday . The company traded as low as $19.34 and last traded at $19.15. Approximately 793,341 shares were traded 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 Upgrades and Downgrades

RELY has been the subject of a number of research analyst reports. BMO Capital Markets lifted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. Barclays lifted their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. JPMorgan Chase & Co. lifted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.13.

Get Our Latest Stock Report on Remitly Global

Remitly Global Stock Down 0.2 %

The stock has a market cap of $3.91 billion, a price-to-earnings ratio of -102.58 and a beta of 0.07. The company has a 50 day simple moving average of $23.40 and a 200 day simple moving average of $19.70.

Remitly Global (NASDAQ:RELYGet Free Report) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating 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 company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. As a group, analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of Remitly Global in the 4th quarter worth $28,000. Advisors Asset Management Inc. raised 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 valued at $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new stake in Remitly Global in the 3rd quarter valued at $76,000. R Squared Ltd purchased a new stake in Remitly Global in the 4th quarter valued at $89,000. Finally, FMR LLC raised its position in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

About Remitly Global

(Get Free Report)

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.

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