Remitly Global (NASDAQ:RELY) Hits New 1-Year Low – Time to Sell?

Remitly Global, Inc. (NASDAQ:RELY)’s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $12.13 and last traded at $12.35, with a volume of 294019 shares traded. The stock had previously closed at $12.20.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RELY. JMP Securities reduced their price target on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday, September 15th. Monness Crespi & Hardt lowered their price target on Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. The Goldman Sachs Group decreased their price objective on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Finally, JPMorgan Chase & Co. cut their price target on Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.88.

Remitly Global Price Performance

The firm has a market cap of $2.58 billion, a PE ratio of 137.17 and a beta of 0.10. The business has a 50-day simple moving average of $16.31 and a 200 day simple moving average of $18.46.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.Remitly Global’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.01 EPS. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total transaction of $227,348.97. Following the sale, the chief executive officer directly owned 4,515,188 shares in the company, valued at $70,391,780.92. This represents a 0.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joshua Hug sold 40,777 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the transaction, the director owned 3,654,288 shares in the company, valued at $67,275,442.08. This represents a 1.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 69,943 shares of company stock worth $1,221,298 over the last 90 days. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Elequin Capital LP bought a new position in Remitly Global during the first quarter valued at about $30,000. Essex Investment Management Co. LLC bought a new stake in Remitly Global in the third quarter valued at about $33,000. First Horizon Corp acquired a new stake in Remitly Global during the 3rd quarter valued at $36,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Remitly Global in the 1st quarter valued at $41,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after buying an additional 714 shares during the last quarter. Institutional investors and hedge funds 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.