Remitly Global (NASDAQ:RELY) Trading Down 3.8% – Time to Sell?

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

Analysts Set New Price Targets

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

Remitly Global Trading Down 0.2 %

The company has a market capitalization of $3.91 billion, a PE ratio of -102.58 and a beta of 0.07. The stock has a fifty day moving average of $23.40 and a two-hundred day moving average of $19.70.

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

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s 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 of the company’s stock, valued at approximately $101,534,733.30. The trade was a 0.33 % 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. Insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $28,000. Advisors Asset Management Inc. boosted its position in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Remitly Global during the third quarter valued at approximately $76,000. R Squared Ltd bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $89,000. Finally, FMR LLC boosted its position in shares of 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 in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.