Remitly Global (NASDAQ:RELY) Issues Earnings Results

Remitly Global (NASDAQ:RELY) released its quarterly earnings results on Wednesday. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04, Zacks reports. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%.

Remitly Global Stock Down 2.1 %

RELY traded down $0.56 during trading on Wednesday, hitting $25.91. 3,123,358 shares of the company’s stock were exchanged, compared to its average volume of 1,636,525. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The stock has a market cap of $5.13 billion, a P/E ratio of -74.03 and a beta of 0.07. The business’s 50 day moving average is $23.29 and its two-hundred day moving average is $18.41.

Analysts Set New Price Targets

Several research firms have recently weighed in on RELY. Wells Fargo & Company increased their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Barclays lifted their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Finally, KeyCorp boosted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.75.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock worth $1,467,012 over the last three months. 8.10% of the stock is currently owned by insiders.

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.