Remitly Global (NASDAQ:RELY) Shares Gap Down – Here’s Why

Remitly Global, Inc. (NASDAQ:RELY) gapped down prior to trading on Wednesday . The stock had previously closed at $24.22, but opened at $22.95. Remitly Global shares last traded at $23.04, with a volume of 1,007,958 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RELY shares. Monness Crespi & Hardt upped their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. KeyCorp upped their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.88.

Remitly Global Price Performance

The stock’s fifty day simple moving average is $20.62 and its 200-day simple moving average is $21.67. The company has a market capitalization of $4.65 billion, a P/E ratio of -120.05 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $361.62 million during the quarter, compared to analysts’ expectations of $347.81 million. During the same period in the prior year, the company earned ($0.11) earnings per share. The business’s quarterly revenue was up 34.3% compared to the same quarter last year. On average, research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the completion of the sale, the insider now owns 25,441,745 shares of the company’s stock, valued at approximately $582,361,543.05. The trade was a 31.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,977,301 shares of company stock worth $273,951,012 over the last ninety days. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock valued at $311,109,000 after buying an additional 306,099 shares during the period. Baillie Gifford & Co. raised its position in Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after purchasing an additional 150,602 shares in the last quarter. Alliancebernstein L.P. raised its position in Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after purchasing an additional 4,037,151 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its position in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after purchasing an additional 1,220,806 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock worth $79,666,000 after purchasing an additional 49,281 shares in the last quarter. 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.