Remitly Global (NASDAQ:RELY) Shares Down 3% – What’s Next?

Remitly Global, Inc. (NASDAQ:RELY)’s share price fell 3% on Thursday . The company traded as low as $21.75 and last traded at $21.89. 609,475 shares were traded during mid-day trading, a decline of 64% from the average session volume of 1,707,234 shares. The stock had previously closed at $22.57.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Barclays increased their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. KeyCorp upped their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JMP Securities raised their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets upped their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $22.75.

Remitly Global Stock Performance

The stock’s 50 day simple moving average is $20.25 and its 200 day simple moving average is $15.79. The firm has a market cap of $4.42 billion, a PE ratio of -63.71 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same period in the previous year, the business earned ($0.20) earnings per share. The firm’s quarterly revenue was up 39.3% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 82,012 shares of company stock valued at $1,435,212 over the last quarter. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 2,001,198 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in shares of Remitly Global by 18.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock valued at $799,000 after acquiring an additional 9,323 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Remitly Global during the third quarter worth about $628,000. Geode Capital Management LLC grew its stake in shares of Remitly Global by 3.2% in the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after purchasing an additional 107,468 shares during the last quarter. Finally, M&T Bank Corp purchased a new position in Remitly Global during the 3rd quarter valued at about $693,000. Institutional investors own 74.25% of the company’s stock.

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.