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

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on RELY. William Blair restated an “outperform” rating on shares of Remitly Global 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 company an “overweight” rating in a report on Monday, February 24th. BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. The Goldman Sachs Group lifted their target price on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price target on Remitly Global from $21.00 to $30.00 and gave the company 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.13.

Remitly Global Stock Performance

The stock has a fifty day simple moving average of $23.55 and a two-hundred day simple moving average of $19.62. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of -101.29 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The firm 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%. Research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in Remitly Global in the fourth quarter valued at approximately $28,000. Advisors Asset Management Inc. increased its holdings in shares of 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 worth $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new stake in shares of Remitly Global during the 3rd quarter valued at $76,000. R Squared Ltd bought a new stake in shares of Remitly Global during the 4th quarter worth $89,000. Finally, FMR LLC grew its position in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring 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.