Remitly Global (NASDAQ:RELY) Stock Price Down 4.5% - Here's Why

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 traded 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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. BMO Capital Markets boosted their price target 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. JPMorgan Chase & Co. boosted their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Barclays boosted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, KeyCorp boosted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Remitly Global Price Performance

The firm has a market cap of $4.06 billion, a price-to-earnings ratio of -104.84 and a beta of 0.18. The firm's fifty day moving average is $21.08 and its two-hundred day moving average is $21.98.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company's quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.11) earnings per share. On average, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, CAO Luke Tavis sold 2,920 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $21.15, for a total value of $61,758.00. Following the sale, the chief accounting officer now directly owns 1,208 shares in the company, valued at approximately $25,549.20. The trade was a 70.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the completion of the sale, the insider now owns 25,441,745 shares in the company, valued at approximately $582,361,543.05. This trade represents a 31.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,104,551 shares of company stock valued at $276,698,040 over the last 90 days. 7.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. Wilmington Savings Fund Society FSB bought a new stake in Remitly Global in the fourth quarter worth about $135,000. Allspring Global Investments Holdings LLC bought a new stake in Remitly Global in the fourth quarter worth about $1,228,000. Legato Capital Management LLC bought a new stake in Remitly Global in the fourth quarter worth about $1,084,000. Values First Advisors Inc. raised its position in Remitly Global by 4.4% in the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock worth $349,000 after acquiring an additional 653 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Remitly Global in the fourth quarter worth about $155,000. 74.25% of the stock is currently owned by institutional investors.

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.