Remitly Global (NASDAQ:RELY) Trading Down 7.8% – Time to Sell?

Shares of Remitly Global, Inc. (NASDAQ:RELY) traded down 7.8% during mid-day trading on Thursday . The company traded as low as $15.46 and last traded at $15.6640. 2,348,079 shares were traded during trading, a decline of 39% from the average session volume of 3,864,936 shares. The stock had previously closed at $16.98.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RELY shares. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Cantor Fitzgerald increased their target price on shares of Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, February 19th. Bank of America started coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price for the company. Finally, The Goldman Sachs Group upped their price target on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $22.78.

Remitly Global Trading Down 8.2%

The stock has a market capitalization of $3.29 billion, a P/E ratio of 50.33 and a beta of 0.06. The stock’s fifty day moving average price is $14.48 and its 200 day moving average price is $15.16. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. The company had revenue of $442.18 million during the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) EPS. Research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 3,000 shares of Remitly Global stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the sale, the insider directly owned 215,830 shares of the company’s stock, valued at $3,528,820.50. The trade was a 1.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $12.89, for a total value of $58,005.00. Following the transaction, the director directly owned 32,576 shares in the company, valued at $419,904.64. The trade was a 12.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 63,549 shares of company stock valued at $1,094,256. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently modified their holdings of the business. Baillie Gifford & Co. raised its stake in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after buying an additional 3,790,210 shares in the last quarter. Marshall Wace LLP raised its position in shares of Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after acquiring an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in Remitly Global by 46.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after purchasing an additional 1,748,576 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Remitly Global by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after purchasing an additional 67,700 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.