Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Insider Sells 5,000 Shares of Stock

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

Remitly Global Trading Up 4.0 %

Shares of NASDAQ:RELY traded up $0.78 during trading on Wednesday, reaching $20.27. 1,985,129 shares of the stock were exchanged, compared to its average volume of 1,761,627. The firm has a market cap of $4.07 billion, a PE ratio of -106.68 and a beta of 0.07. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The stock has a 50-day moving average price of $23.40 and a 200-day moving average price of $19.70.

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RELY shares. BMO Capital Markets raised their target price 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. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” 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. Wells Fargo & Company boosted their price target on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, Barclays raised their price objective on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.13.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Remitly Global during the 4th quarter worth $66,169,000. Principal Financial Group Inc. grew its stake in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Remitly Global by 1,032.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock valued at $31,614,000 after buying an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Remitly Global by 34.4% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after buying an additional 1,220,806 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock worth $35,456,000 after acquiring an additional 933,253 shares during the period. Institutional investors own 74.25% of the company’s stock.

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.