Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Insider Sells 10,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Joshua Hug sold 10,000 shares of the company's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $19.71, for a total transaction of $197,100.00. Following the transaction, the insider now owns 3,823,811 shares in the company, valued at approximately $75,367,314.81. The trade was a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Joshua Hug also recently made the following trade(s):

• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $19.23, for a total value of $192,300.00.

Remitly Global Stock Down 0.4 %

Shares of RELY stock traded down $0.08 on Friday, reaching $19.91. The stock had a trading volume of 208,127 shares, compared to its average volume of 1,977,095. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -104.92 and a beta of 0.15. The firm's 50-day moving average is $21.13 and its two-hundred day moving average is $20.86.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. On average, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in shares of Remitly Global in the fourth quarter valued at about $28,000. Exchange Traded Concepts LLC bought a new position in Remitly Global in the 1st quarter valued at about $46,000. R Squared Ltd bought a new position in Remitly Global in the 4th quarter valued at about $89,000. Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global during the fourth quarter worth approximately $135,000. Finally, KBC Group NV boosted its holdings in shares of Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after acquiring an additional 2,033 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RELY. The Goldman Sachs Group dropped their price target on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. KeyCorp reduced their target price on shares of Remitly Global from $33.00 to $24.00 and set an "overweight" rating for the company in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. Barclays increased their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Finally, BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" 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 stock. According to MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

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.