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

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) shares traded down 3% during mid-day trading on Thursday . The stock traded as low as $21.75 and last traded at $21.89. 609,475 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 1,707,234 shares. The stock had previously closed at $22.57.

Wall Street Analyst Weigh In

RELY has been the subject of several research reports. Wells Fargo & Company upgraded Remitly Global from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. JMP Securities lifted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 31st. BMO Capital Markets upped their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 18th. Barclays raised their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, November 18th. Finally, KeyCorp boosted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.75.

Remitly Global Stock Performance

The stock has a 50-day moving average price of $20.41 and a 200-day moving average price of $15.84. The stock has a market cap of $4.44 billion, a P/E ratio of -64.00 and a beta of 0.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. During the same quarter in the prior year, the firm earned ($0.20) EPS. The business's revenue for the quarter was up 39.3% compared to the same quarter last year. Sell-side analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares in the company, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,012 shares of company stock valued at $1,435,212. Insiders own 8.10% of the company's stock.

Institutional Trading of Remitly Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its position in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after purchasing an additional 2,001,198 shares during the period. M&T Bank Corp purchased a new stake in Remitly Global in the third quarter worth about $693,000. Neo Ivy Capital Management bought a new stake in Remitly Global during the 3rd quarter valued at approximately $628,000. GSA Capital Partners LLP grew its holdings in shares of Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider's stock worth $3,517,000 after acquiring an additional 60,991 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of Remitly Global by 250.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider's stock worth $1,114,000 after acquiring an additional 59,496 shares in the last quarter. Hedge funds and other institutional investors 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.