Remitly Global (NASDAQ:RELY) Trading Down 3% - Time to Sell?

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) traded down 3% on Thursday . The company traded as low as $19.17 and last traded at $19.01. 175,203 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 2,149,382 shares. The stock had previously closed at $19.61.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RELY shares. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. Barclays lifted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. KeyCorp increased their target price 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. Monness Crespi & Hardt raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Stock Up 0.6%

The firm has a market capitalization of $3.85 billion, a PE ratio of -629.83 and a beta of 0.18. The stock has a 50-day simple moving average of $21.10 and a 200-day simple moving average of $21.92.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced 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 company had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The firm's revenue for the quarter was up 34.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) EPS. Equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Bora Chung sold 13,000 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the sale, the director now owns 103,171 shares of the company's stock, valued at approximately $2,348,171.96. This represents a 11.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the completion of the transaction, the director now owns 102,257 shares of the company's stock, valued at approximately $2,079,907.38. This represents a 4.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,084,968 shares of company stock valued at $276,321,392 over the last quarter. Company insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in Remitly Global during the fourth quarter valued at approximately $28,000. Elequin Capital LP purchased a new position in shares of Remitly Global during the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Remitly Global during the 1st quarter valued at $41,000. Exchange Traded Concepts LLC bought a new position in shares of Remitly Global in the first quarter worth $46,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Remitly Global in the first quarter worth $66,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.