Remitly Global, Inc. (NASDAQ:RELY) Insider Joshua Hug Sells 22,198 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Remitly Global Price Performance

Remitly Global stock opened at $20.83 on Thursday. The firm has a market capitalization of $4.13 billion, a P/E ratio of -59.51 and a beta of 0.03. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.09. The company’s 50-day moving average is $16.26 and its 200 day moving average is $14.36.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share 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 firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same period in the prior year, the business posted ($0.20) earnings per share. The company’s revenue for the quarter was up 39.3% on a year-over-year basis. Research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Remitly Global

A number of large investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. increased its stake in Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,344 shares during the period. Blue Trust Inc. purchased a new position in shares of Remitly Global during the second quarter worth approximately $43,000. Assetmark Inc. bought a new stake in shares of Remitly Global during the third quarter valued at approximately $76,000. FMR LLC boosted its holdings in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares during the period. Finally, nVerses Capital LLC grew 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 worth $109,000 after purchasing an additional 8,700 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. boosted their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, Barclays increased their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

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.