Remitly Global (NASDAQ:RELY) Share Price Crosses Below Fifty Day Moving Average – Should You Sell?

Remitly Global, Inc. (NASDAQ:RELY) shares crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $14.29 and traded as low as $14.26. Remitly Global shares last traded at $14.46, with a volume of 1,102,501 shares trading hands.

Analysts Set New Price Targets

A number of research firms have commented on RELY. The Goldman Sachs Group decreased their price target 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. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a report on Monday. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 3rd. Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Finally, JMP Securities reduced their price target on shares of 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. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $25.88.

Remitly Global Trading Up 0.2%

The company has a market cap of $3.02 billion, a PE ratio of 160.67 and a beta of 0.11. The company has a fifty day simple moving average of $14.29 and a two-hundred day simple moving average of $16.70.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The business had revenue of $419.49 million during the quarter, compared to the consensus estimate of $413.73 million. During the same period in the previous year, the company posted $0.01 earnings per share. The business’s revenue for the quarter was up 24.7% on a year-over-year basis. On average, research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Activity

In related news, Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the completion of the transaction, the director owned 41,576 shares in the company, valued at approximately $550,882. The trade was a 9.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total value of $45,000.00. Following the completion of the sale, the insider owned 220,830 shares in the company, valued at approximately $3,312,450. This represents a 1.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,859 shares of company stock valued at $900,458 in the last 90 days. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Garde Capital Inc. increased its stake in Remitly Global by 10.4% in the third quarter. Garde Capital Inc. now owns 30,821 shares of the financial services provider’s stock valued at $502,000 after purchasing an additional 2,915 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Remitly Global in the 3rd quarter valued at $290,000. Coldstream Capital Management Inc. grew its position in shares of Remitly Global by 77.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 28,099 shares of the financial services provider’s stock valued at $458,000 after buying an additional 12,299 shares during the last quarter. Oberweis Asset Management Inc. raised its stake in Remitly Global by 68.7% during the 3rd quarter. Oberweis Asset Management Inc. now owns 1,002,800 shares of the financial services provider’s stock worth $16,346,000 after acquiring an additional 408,300 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in Remitly Global by 13.8% in the third quarter. CANADA LIFE ASSURANCE Co now owns 41,102 shares of the financial services provider’s stock valued at $678,000 after acquiring an additional 4,978 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.