Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s stock price fell 3% on Thursday . The company traded as low as $19.17 and last traded at $19.01. 175,203 shares were traded during trading, a decline of 92% from the average session volume of 2,149,382 shares. The stock had previously closed at $19.61.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on RELY. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. JMP Securities restated a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays raised their target price 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. Finally, KeyCorp raised their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.
Check Out Our Latest Research Report on Remitly Global
Remitly Global Price Performance
The business's 50 day moving average is $21.08 and its 200 day moving average is $21.91.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The firm had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same quarter last year, the business posted ($0.11) EPS. The company's revenue was up 34.3% on a year-over-year basis. Analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total value of $101,700.00. Following the completion of the sale, the director now owns 102,257 shares in the company, valued at $2,079,907.38. This represents a 4.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joshua Hug sold 20,000 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.07, for a total transaction of $421,400.00. Following the completion of the sale, the director now owns 3,713,811 shares of the company's stock, valued at approximately $78,249,997.77. The trade was a 0.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,084,968 shares of company stock worth $276,321,392 in the last quarter. 8.10% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in shares of Remitly Global during the 4th quarter valued at $28,000. Elequin Capital LP bought a new position in shares of Remitly Global during the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S bought 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 during the 1st quarter valued at $46,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Remitly Global during the 1st quarter valued at $66,000. Institutional investors own 74.25% of the company's stock.
About Remitly Global
(
Get Free Report)
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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