Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) dropped 3.8% on Monday . The company traded as low as $19.34 and last traded at $19.15. Approximately 793,341 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 1,739,514 shares. The stock had previously closed at $19.90.
Analyst Ratings Changes
Several equities analysts have commented on the stock. BMO Capital Markets raised their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. The Goldman Sachs Group upped their price target on Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company boosted their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $28.13.
Get Our Latest Stock Analysis on RELY
Remitly Global Trading Down 1.2 %
The business has a fifty day moving average price of $23.30 and a 200 day moving average price of $19.71. The firm has a market cap of $4.08 billion, a PE ratio of -107.00 and a beta of 0.07.
Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the transaction, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. This trade represents a 0.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock worth $1,081,736 in the last ninety days. 8.10% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Remitly Global
A number of hedge funds have recently modified their holdings of RELY. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Remitly Global in the 4th quarter valued at $15,120,000. Mackenzie Financial Corp acquired a new position in Remitly Global in the fourth quarter valued at $211,000. Neo Ivy Capital Management raised its holdings in shares of Remitly Global by 101.2% in the fourth quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider's stock valued at $2,127,000 after buying an additional 47,430 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Remitly Global by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider's stock worth $7,103,000 after buying an additional 72,687 shares during the period. Finally, Washington Harbour Partners LP purchased a new position in shares of Remitly Global during the fourth quarter worth about $2,009,000. 74.25% of the stock is currently 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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