Remitly Global (NASDAQ:RELY) Shares Down 5.7% - Time to Sell?

Key Points

• Remitly Global's shares fell by 5.7% to $19.10, with trading volume significantly below average at 520,613 shares.
• Recent analyst ratings show Wall Street Zen upgraded the stock from "hold" to "buy," with a consensus price target of $29.00.
• For the last quarter, Remitly reported a revenue of $411.85 million, surpassing expectations, although it missed earnings per share estimates.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s share price fell 5.7% on Wednesday . The company traded as low as $19.08 and last traded at $19.10. 520,613 shares traded hands during trading, a decline of 82% from the average session volume of 2,972,082 shares. The stock had previously closed at $20.25.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday. KeyCorp restated an "overweight" rating and issued a $28.00 price target (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.00.

Remitly Global Stock Performance

The firm's 50-day moving average price is $18.21 and its two-hundred day moving average price is $19.99. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 322.77 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same period in the prior year, the business earned ($0.06) earnings per share. The company's revenue for the quarter was up 34.4% on a year-over-year basis. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the director directly owned 112,496 shares of the company's stock, valued at approximately $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $18.41, for a total transaction of $750,704.57. Following the sale, the director owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 79,360 shares of company stock valued at $1,477,749. Insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Elequin Capital LP acquired a new position in Remitly Global during the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Remitly Global in the first quarter worth $41,000. Exchange Traded Concepts LLC bought a new stake in shares of Remitly Global in the first quarter worth $46,000. Caitong International Asset Management Co. Ltd bought a new stake in Remitly Global during the first quarter worth $66,000. Finally, Raymond James Financial Inc. bought a new stake in Remitly Global during the second quarter worth $89,000. Institutional investors and hedge funds own 74.25% of the company's stock.

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.

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