Remitly Global (NASDAQ:RELY) Shares Down 4.5% - Time to Sell?

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) shares traded down 4.5% during mid-day trading on Monday . The stock traded as low as $20.75 and last traded at $20.58. 918,036 shares changed hands during trading, a decline of 55% from the average session volume of 2,056,662 shares. The stock had previously closed at $21.54.

Analyst Ratings Changes

A number of equities analysts have weighed in on RELY shares. Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. The Goldman Sachs Group increased their price target on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. JMP Securities restated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. Finally, KeyCorp raised their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.88.

Remitly Global Stock Performance

The stock has a market cap of $4.16 billion, a price-to-earnings ratio of -107.11 and a beta of 0.18. The company's 50 day simple moving average is $21.06 and its 200 day simple moving average is $22.02.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $361.62 million for the quarter, compared to analysts' expectations of $347.81 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. The firm's quarterly revenue was up 34.3% compared to the same quarter last year. Sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In other news, Director Joshua Hug sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $21.07, for a total transaction of $421,400.00. Following the sale, the director now owns 3,713,811 shares in the company, valued at $78,249,997.77. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Luke Tavis sold 2,920 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the sale, the chief accounting officer now owns 1,208 shares of the company's stock, valued at $25,549.20. The trade was a 70.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,099,551 shares of company stock worth $276,596,340 in the last ninety days. 7.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently modified their holdings of the stock. Townsquare Capital LLC boosted its holdings in shares of Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after buying an additional 459 shares during the period. Xponance Inc. grew its position in shares of Remitly Global by 4.8% in the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 518 shares during the last quarter. Comerica Bank increased its stake in shares of Remitly Global by 2.1% in the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after purchasing an additional 534 shares during the period. Sei Investments Co. grew its holdings in Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after buying an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. increased its position in Remitly Global by 4.4% in the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock worth $349,000 after buying an additional 653 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

About Remitly Global

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.