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

Remitly Global, Inc. (NASDAQ:RELY) reached a new 52-week low 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 trading hands. The stock had previously closed at $12.31.

Several other research analysts have also issued reports on RELY. KeyCorp reaffirmed an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday. JMP Securities reduced their price target on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research report on Monday, September 15th. 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 research report on Thursday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and a consensus target price of $25.88.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the transaction, the director directly owned 112,496 shares of the company’s stock, valued at $2,249,920. This represents a 4.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joshua Hug sold 40,777 shares of the firm’s stock in a transaction on 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 directly owned 3,654,288 shares in the company, valued at $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 sold 93,943 shares of company stock worth $1,696,348 in the last 90 days. 7.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently modified their holdings of RELY. Elequin Capital LP purchased a new position in Remitly Global in the 1st quarter valued at approximately $30,000. Essex Investment Management Co. LLC bought a new stake in Remitly Global during the 3rd quarter worth approximately $33,000. First Horizon Corp bought a new position in Remitly Global in the 3rd quarter valued at $36,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Remitly Global in the first quarter worth $41,000. Finally, Exchange Traded Concepts LLC boosted its stake 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 valued at $50,000 after buying an additional 714 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 4.1%

The firm has a market capitalization of $2.64 billion, a PE ratio of 141.89 and a beta of 0.10. The company has a 50-day moving average of $16.82 and a 200 day moving average of $18.66.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.20% and a net margin of 1.36%.The business had revenue of $419.49 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal 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.