Remitly Global, Inc. (NASDAQ:RELY) Insider Sells 1,112 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 1,112 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $20.50, for a total transaction of $22,796.00. Following the completion of the sale, the insider now owns 326,576 shares in the company, valued at $6,694,808. This represents a 0.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Remitly Global Price Performance

Shares of NASDAQ:RELY traded up $0.36 during trading on Friday, reaching $21.04. 1,787,382 shares of the company were exchanged, compared to its average volume of 1,738,226. The business’s fifty day simple moving average is $15.75 and its 200-day simple moving average is $14.20. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.49. The firm has a market capitalization of $4.17 billion, a PE ratio of -59.09 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same period in the previous year, the company posted ($0.20) earnings per share. The firm’s revenue was up 39.3% on a year-over-year basis. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on RELY. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt lifted their price target on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. upped their price objective on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Barclays raised their price objective on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of 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 purchasing an additional 2,001,198 shares in the last quarter. GSA Capital Partners LLP grew its stake in Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock worth $3,517,000 after buying an additional 60,991 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Remitly Global during the 3rd quarter valued at about $1,953,000. Assetmark Inc. acquired a new position in Remitly Global during the 3rd quarter valued at about $76,000. Finally, WoodTrust Financial Corp raised its stake in Remitly Global by 54.2% in the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock valued at $248,000 after buying an additional 6,500 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.