Remitly Global (NASDAQ:RELY) Shares Gap Down on Analyst Downgrade

Shares of Remitly Global, Inc. (NASDAQ:RELY) gapped down prior to trading on Thursday after Monness Crespi & Hardt lowered their price target on the stock from $32.00 to $28.00. The stock had previously closed at $16.44, but opened at $13.34. Monness Crespi & Hardt currently has a buy rating on the stock. Remitly Global shares last traded at $12.3720, with a volume of 5,905,820 shares trading hands.

RELY has been the subject of several other reports. KeyCorp reissued an “overweight” rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. William Blair reissued an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. The Goldman Sachs Group lowered their target price on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Finally, Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus target price of $26.75.

Insider Activity

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director directly owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joshua Hug sold 40,777 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the completion of the transaction, the director owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This trade represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 93,943 shares of company stock valued at $1,696,348 in the last ninety days. 7.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock valued at $311,109,000 after buying an additional 306,099 shares during the period. Alliancebernstein L.P. lifted its holdings in Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock valued at $106,867,000 after buying an additional 4,037,151 shares during the period. Geode Capital Management LLC lifted its holdings in Remitly Global by 3.6% in the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after buying an additional 129,706 shares during the period. State Street Corp lifted its holdings in Remitly Global by 4.5% in the second quarter. State Street Corp now owns 3,442,163 shares of the financial services provider’s stock valued at $64,609,000 after buying an additional 146,768 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in Remitly Global by 97.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider’s stock valued at $56,058,000 after purchasing an additional 1,472,210 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Price Performance

The company’s 50 day simple moving average is $16.94 and its 200 day simple moving average is $18.71. The stock has a market cap of $2.59 billion, a P/E ratio of 209.62 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.02. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company had revenue of $419.49 million during the quarter, compared to the consensus estimate of $413.73 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The firm’s revenue was up 24.7% compared to the same quarter last year. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

About Remitly Global

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.