Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s stock price fell 3.2% during trading on Friday . The company traded as low as $17.29 and last traded at $17.40. 321,299 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,669,250 shares. The stock had previously closed at $17.98.
Analysts Set New Price Targets
A number of brokerages recently commented on RELY. The Goldman Sachs Group dropped their price target on Remitly Global from $23.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, July 11th. JMP Securities increased their target price on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Thursday. Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $13.00 to $18.00 in a research report on Thursday. Finally, BMO Capital Markets boosted their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.88.
Read Our Latest Research Report on Remitly Global
Remitly Global Stock Performance
The firm has a market cap of $3.50 billion, a PE ratio of -54.26 and a beta of 0.10. The business has a 50 day simple moving average of $13.95 and a two-hundred day simple moving average of $14.01. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The firm's revenue was up 39.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.20) EPS. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.3 earnings per share for the current fiscal year.
Insider Activity
In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares of the company's stock, valued at $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.10% of the company's stock.
Institutional Trading of Remitly Global
A number of hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in shares of Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider's stock valued at $48,333,000 after purchasing an additional 2,071,026 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after buying an additional 2,001,198 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Remitly Global by 74.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider's stock worth $42,280,000 after buying an additional 1,487,680 shares in the last quarter. Herr Investment Group LLC purchased a new stake in Remitly Global during the second quarter worth $9,285,000. Finally, Hood River Capital Management LLC bought a new stake in Remitly Global during the 1st quarter valued at $12,789,000. 74.25% of the stock is owned by hedge funds and other institutional investors.
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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