Remitly Global (NASDAQ:RELY) Reaches New 52-Week Low on Analyst Downgrade

Shares of Remitly Global, Inc. (NASDAQ:RELY) reached a new 52-week low on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $25.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Remitly Global traded as low as $12.17 and last traded at $12.6370, with a volume of 614443 shares trading hands. The stock had previously closed at $12.31.

RELY has been the topic of a number of other research reports. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. The Goldman Sachs Group reduced their target price on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $25.88.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director owned 112,496 shares in the company, valued at approximately $2,249,920. This represents a 4.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pankaj Sharma sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total transaction of $98,550.00. Following the completion of the transaction, the insider owned 186,926 shares of the company’s stock, valued at approximately $3,684,311.46. This represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 93,943 shares of company stock valued at $1,696,348 over the last three months. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently modified their holdings of RELY. Alliancebernstein L.P. grew its position in shares of Remitly Global by 366.8% during the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after acquiring an additional 4,037,151 shares during the last quarter. Norges Bank acquired a new position in Remitly Global during the second quarter worth about $36,619,000. Driehaus Capital Management LLC purchased a new position in Remitly Global in the 1st quarter valued at approximately $32,731,000. Nuveen LLC acquired a new position in shares of Remitly Global during the 1st quarter worth $32,703,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Remitly Global by 97.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider’s stock valued at $56,058,000 after purchasing an additional 1,472,210 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

The company has a market cap of $2.64 billion, a PE ratio of 141.89 and a beta of 0.10. The firm has a 50-day simple moving average of $16.82 and a two-hundred day simple moving average of $18.66.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. Remitly Global had a return on equity of 3.20% and a net margin of 1.36%.The company had revenue of $419.49 million during the quarter, compared to the consensus estimate of $413.73 million. During the same period in the previous year, the firm posted $0.01 EPS. Remitly Global’s revenue was up 24.7% on a year-over-year basis. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. Equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.