Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $457,722.76 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Remitly Global Price Performance

NASDAQ RELY opened at $20.83 on Thursday. The stock’s fifty day moving average price is $16.26 and its 200 day moving average price is $14.36. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.09. The company has a market cap of $4.13 billion, a price-to-earnings ratio of -59.51 and a beta of 0.03.

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

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of the business. American International Group Inc. increased its stake in shares of Remitly Global by 1.3% in the first quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after acquiring an additional 871 shares during the period. Advisors Asset Management Inc. grew its position in Remitly Global by 409.8% during the 1st 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. Price T Rowe Associates Inc. MD grew its position in Remitly Global by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 86,164 shares of the financial services provider’s stock worth $1,788,000 after purchasing an additional 5,596 shares during the period. Quent Capital LLC purchased a new position in shares of Remitly Global during the 2nd quarter valued at about $242,000. Finally, Simplicity Wealth LLC lifted its holdings in shares of Remitly Global by 11.7% in the 2nd quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock valued at $142,000 after buying an additional 1,228 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. BMO Capital Markets raised their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. Monness Crespi & Hardt increased their target price on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. KeyCorp lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Barclays increased their price objective on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.