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

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

Remitly Global Stock Performance

NASDAQ:RELY opened at $21.04 on Friday. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -60.11 and a beta of 0.03. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.49. The stock has a 50-day simple moving average of $15.88 and a 200 day simple moving average of $14.24.

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

Analyst Ratings Changes

A number of research analysts have recently commented on RELY shares. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Barclays upped their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Monness Crespi & Hardt lifted their target price on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, JMP Securities boosted their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.75.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. raised its holdings in shares of Remitly Global by 409.8% during the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,344 shares during the period. Blue Trust Inc. bought a new stake in shares of Remitly Global during the 2nd quarter valued at about $43,000. Assetmark Inc. acquired a new stake in Remitly Global during the third quarter worth about $76,000. FMR LLC lifted its holdings in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC boosted its stake in Remitly Global by 2,900.0% in the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 8,700 shares during the period. Institutional investors and hedge funds 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.