Remitly Global (NASDAQ:RELY) Reaches New 1-Year Low Following Analyst Downgrade

Remitly Global, Inc. (NASDAQ:RELY)’s stock price hit a new 52-week low during trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $25.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Remitly Global traded as low as $12.17 and last traded at $12.6370, with a volume of 614443 shares changing hands. The stock had previously closed at $12.31.

RELY has been the topic of several other reports. JMP Securities reduced their price objective on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Monday, September 15th. The Goldman Sachs Group reduced 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. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Finally, Monness Crespi & Hardt decreased their price objective on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.88.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was 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 of the company’s stock, valued at $70,391,780.92. This trade represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the sale, the director owned 112,496 shares in the company, valued at approximately $2,249,920. The trade was a 4.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 93,943 shares of company stock valued at $1,696,348 over the last 90 days. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Elequin Capital LP purchased a new stake in shares of Remitly Global during the 1st quarter worth $30,000. Essex Investment Management Co. LLC acquired a new stake in Remitly Global in the third quarter valued at approximately $33,000. First Horizon Corp acquired a new stake in Remitly Global in the third quarter valued at approximately $36,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Remitly Global in the first quarter worth $41,000. Finally, Exchange Traded Concepts LLC increased its position in shares of 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 purchasing an additional 714 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Stock Up 3.2%

The business has a 50-day moving average price of $16.70 and a 200-day moving average price of $18.62. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 141.22 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 for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $419.49 million during the quarter, compared to the consensus estimate of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.20%. The company’s 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 earnings per share. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, equities research analysts forecast 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.