Why Remitly Global Stock Lost 20% in November
Shares of Remitly Global (NASDAQ: RELY), the digital remittance payment specialist, were heading south in November as investors balked at its third-quarter earnings report, though the numbers were generally better than expected.
Instead, investors seemed to believe that the stock had become overheated after earlier gains this year and that the third-quarter numbers didn't warrant such rapid appreciation. As a result, the stock fell 20%, according to data from S&P Global Market Intelligence.
As you can see from the chart, shares tumbled early in the month on the report but recovered some of those losses over the duration of the month.
Source Fool.com
