Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $95,050.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Remitly Global Stock Up 1.5 %

NASDAQ RELY opened at $20.58 on Friday. The stock has a market cap of $4.13 billion, a PE ratio of -108.32 and a beta of 0.07. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The business has a 50 day moving average price of $23.30 and a two-hundred day moving average price of $19.71.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The firm had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Assetmark Inc. acquired a new position in shares of Remitly Global in the 3rd quarter valued at approximately $76,000. Pathstone Holdings LLC raised its position in shares of Remitly Global by 2.1% in the 3rd quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider’s stock valued at $4,763,000 after purchasing an additional 7,302 shares in the last quarter. Caprock Group LLC raised its position in shares of Remitly Global by 7.7% in the 3rd quarter. Caprock Group LLC now owns 37,869 shares of the financial services provider’s stock valued at $507,000 after purchasing an additional 2,710 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Remitly Global in the 3rd quarter valued at approximately $603,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RELY. JPMorgan Chase & Co. upped their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Wells Fargo & Company boosted their target price on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Barclays boosted their target price on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Company Profile

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.