Remitly Global (NASDAQ:RELY) Shares Cross Below 50-Day Moving Average – Should You Sell?

Remitly Global, Inc. (NASDAQ:RELY)’s stock price crossed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $23.87 and traded as low as $23.46. Remitly Global shares last traded at $24.65, with a volume of 3,147,141 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RELY. Wolfe Research upped their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. KeyCorp boosted their price objective on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $27.78.

Remitly Global Stock Down 2.0%

The business has a 50 day moving average price of $23.86 and a 200 day moving average price of $22.18. The stock has a market cap of $5.11 billion, a P/E ratio of 17.38 and a beta of 0.39.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. On average, research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Nigel Morris sold 6,300 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total value of $170,289.00. Following the completion of the sale, the director directly owned 1,804,756 shares in the company, valued at approximately $48,782,554.68. This represents a 0.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 21,000 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the sale, the insider directly owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. This trade represents a 2.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 478,738 shares of company stock valued at $11,874,000. Company insiders own 6.53% of the company’s stock.

Institutional Trading of Remitly Global

A number of institutional investors have recently modified their holdings of RELY. BlackRock Inc. purchased a new position in Remitly Global during the 2nd quarter worth $410,752,000. Bank of America Corp DE lifted its position in Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares during the period. Generation Investment Management LLP purchased a new stake in shares of Remitly Global in the second quarter worth about $109,637,000. Dimensional Fund Advisors LP increased its holdings in shares of Remitly Global by 12.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock valued at $49,142,000 after purchasing an additional 350,595 shares in the last quarter. Finally, Lead Edge Capital Management LLC acquired a new position in shares of Remitly Global in the second quarter worth about $60,232,971. 74.25% of the stock is currently owned by institutional investors.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.