Phillip John Riese Sells 5,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the transaction, the director now owns 102,257 shares in the company, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Remitly Global Price Performance

Remitly Global stock opened at $19.35 on Friday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -101.84 and a beta of 0.18. The firm’s fifty day moving average price is $21.10 and its 200 day moving average price is $21.97.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same quarter in the previous year, the firm posted ($0.11) EPS. The firm’s quarterly revenue was up 34.3% on a year-over-year basis. Analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Global Retirement Partners LLC purchased a new stake in Remitly Global during the 4th quarter worth $28,000. Elequin Capital LP purchased a new stake in Remitly Global during the 1st quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Remitly Global during the 1st quarter worth $41,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global during the 1st quarter worth $46,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global during the 1st quarter worth $66,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RELY. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their target price 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. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus target price of $28.88.

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.