Remitly: Buy the Dip?
The last few months have been rough for fintech companies, and that's especially true for Remitly Global (NASDAQ: RELY), a payments company focused on remittances.
Remitly priced its initial public offering (IPO) at $43 in September, but the stock is now trading in the single digits, down nearly 80%. At the same time, peers like PayPal Holdings and Block have also fallen sharply, and are down 64% and 60%, respectively.
So Remitly's crash isn't because of any change in its underlying business. Market sentiment has shifted dramatically in the last few months. Fears of inflation, rising interest rates, and now the war in Ukraine have sent high-growth tech stocks plummeting, especially unprofitable ones like Remitly.
Source Fool.com
