Remitly Global (NASDAQ:RELY) Shares Down 7.4% – Time to Sell?

Remitly Global, Inc. (NASDAQ:RELY) traded down 7.4% during trading on Thursday . The company traded as low as $22.41 and last traded at $22.2970. Approximately 2,637,619 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 3,938,844 shares. The stock had previously closed at $24.07.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RELY shares. KeyCorp lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Citizens Jmp lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Finally, Wolfe Research lifted their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $27.78.

Remitly Global Trading Down 7.4%

The business has a 50-day moving average price of $24.64 and a 200-day moving average price of $21.08. The firm has a market cap of $4.72 billion, a P/E ratio of 16.01 and a beta of 0.36.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same period in the previous year, the company posted $0.03 earnings per share. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. On average, equities analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, Director Nigel W. Morris sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $26.26, for a total value of $525,200.00. Following the completion of the sale, the director owned 1,831,056 shares of the company’s stock, valued at approximately $48,083,530.56. This represents a 1.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the transaction, the chief financial officer owned 943,735 shares in the company, valued at approximately $24,678,670.25. This represents a 2.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 509,071 shares of company stock worth $12,498,436. 6.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently bought and sold shares of the business. Summit Securities Group LLC purchased a new stake in Remitly Global during the first quarter worth $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global in the 4th quarter valued at $28,000. IFP Advisors Inc increased its holdings in shares of Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 527 shares during the period. HighMark Wealth Management LLC purchased a new position in shares of Remitly Global in the 4th quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,545 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.