Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $95,050.00 in Stock

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

Remitly Global Trading Down 1.2 %

Shares of RELY stock opened at $20.33 on Friday. The stock has a 50 day moving average of $23.25 and a 200 day moving average of $19.76. The stock has a market cap of $4.08 billion, a P/E ratio of -107.00 and a beta of 0.07. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $343.67 million. On average, research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RELY has been the subject of several analyst reports. The Goldman Sachs Group increased their price objective on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. BMO Capital Markets raised their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Barclays raised their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Finally, Wells Fargo & Company raised their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Remitly Global by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock valued at $330,674,000 after purchasing an additional 380,159 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after buying an additional 150,602 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its position in shares of Remitly Global by 34.4% in the fourth 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. Massachusetts Financial Services Co. MA increased its position in shares of Remitly Global by 4.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after buying an additional 169,454 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after buying an additional 49,281 shares in the last quarter. Hedge funds and other 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.