Remitly Global (NASDAQ:RELY) Stock Price Down 3.2% – Should You Sell?

Remitly Global, Inc. (NASDAQ:RELY)’s share price traded down 3.2% during mid-day trading on Friday . The company traded as low as $17.29 and last traded at $17.40. 321,299 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,669,250 shares. The stock had previously closed at $17.98.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. JMP Securities upped their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. BMO Capital Markets lifted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. The Goldman Sachs Group decreased their price objective on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Finally, KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.88.

Remitly Global Price Performance

The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03. The business has a fifty day moving average of $13.95 and a 200 day moving average of $14.01. The firm has a market cap of $3.46 billion, a P/E ratio of -54.26 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter last year, the firm posted ($0.20) EPS. The company’s quarterly revenue was up 39.3% on a year-over-year basis. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. boosted its position in shares of Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,344 shares during the period. Picton Mahoney Asset Management bought a new stake in Remitly Global in the 1st quarter valued at about $37,000. Blue Trust Inc. bought a new stake in Remitly Global in the 2nd quarter valued at about $43,000. nVerses Capital LLC grew its position in shares of Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares in the last quarter. Finally, Values First Advisors Inc. bought a new position in shares of Remitly Global during the second quarter worth approximately $138,000. 74.25% of the stock is owned by institutional investors and hedge funds.

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.