Remitly Global (NASDAQ:RELY) Shares Down 6.7% – What’s Next?

Remitly Global, Inc. (NASDAQ:RELY)’s stock price was down 6.7% during trading on Wednesday . The company traded as low as $20.36 and last traded at $19.8530. 291,664 shares changed hands during trading, a decline of 93% from the average session volume of 3,970,476 shares. The stock had previously closed at $21.28.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RELY shares. The Goldman Sachs Group lifted their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Citizens Jmp upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday, August 6th. Cantor Fitzgerald boosted their price target on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Finally, Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $27.78.

Remitly Global Trading Down 6.2%

The business’s 50-day simple moving average is $24.31 and its 200-day simple moving average is $21.40. The company has a market capitalization of $4.23 billion, a PE ratio of 14.33 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, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 21,000 shares of Remitly Global stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the transaction, the insider owned 716,022 shares in the company, valued at approximately $18,895,820.58. This trade represents a 2.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel Morris sold 6,300 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total value of $170,289.00. Following the completion of the transaction, the director directly owned 1,804,756 shares of the company’s stock, valued at approximately $48,782,554.68. This trade represents a 0.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 490,038 shares of company stock worth $12,132,406 in the last three months. Company insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Summit Securities Group LLC purchased a new stake in Remitly Global in the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global during the 4th quarter worth $28,000. IFP Advisors Inc boosted its position in shares of Remitly Global by 59.1% during 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 last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Remitly Global by 140.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Remitly Global in the second quarter valued at about $40,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.