Remitly Global (NASDAQ:RELY) Shares Down 6.7% – What’s Next?

Remitly Global, Inc. (NASDAQ:RELY)’s stock price was down 6.7% on Wednesday . The stock traded as low as $20.36 and last traded at $19.8530. Approximately 291,664 shares were traded during mid-day trading, a decline of 93% from the average session volume of 3,970,476 shares. The stock had previously closed at $21.28.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of recent analyst reports. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. KeyCorp increased their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Finally, Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $27.78.

Remitly Global Price Performance

The business has a 50 day simple moving average of $24.31 and a 200 day simple moving average of $21.40. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 14.33 and a beta of 0.36.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. On average, equities research analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other news, Director Joshua Hug sold 5,500 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $25.03, for a total transaction of $137,665.00. Following the sale, the director owned 2,664,389 shares of the company’s stock, valued at approximately $66,689,656.67. This represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 21,000 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $26.39, for a total value of $554,190.00. Following the sale, the insider owned 716,022 shares in the company, valued at approximately $18,895,820.58. This trade represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 490,038 shares of company stock valued at $12,132,406. Insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently modified their holdings of the business. Summit Securities Group LLC purchased a new stake in shares of Remitly Global in the first quarter valued at about $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global during the fourth quarter worth about $28,000. IFP Advisors Inc increased its position in Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 527 shares during the period. EverSource Wealth Advisors LLC increased its position in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares during the period. Finally, Nykredit A S purchased a new stake in Remitly Global during the 2nd quarter valued at approximately $40,000. 74.25% of the stock is owned by institutional investors and hedge funds.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.