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

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. The trade was a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded down $0.25 during midday trading on Friday, hitting $20.33. 1,810,015 shares of the stock were exchanged, compared to its average volume of 1,772,900. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of -107.00 and a beta of 0.07. The business's 50-day moving average price is $23.25 and its 200 day moving average price is $19.80. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32.

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

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Wall Street Analyst Weigh In

A number of research analysts have issued reports on RELY shares. Barclays lifted their target price on Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. 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. JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group lifted their target price on Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.13.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC acquired a new position in shares of Remitly Global in the fourth quarter worth approximately $28,000. R Squared Ltd acquired a new position in shares of Remitly Global in the fourth quarter worth approximately $89,000. Advisors Asset Management Inc. lifted its stake in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. acquired a new position in shares of Remitly Global in the third quarter worth approximately $76,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Remitly Global in the fourth quarter worth approximately $135,000. 74.25% of the stock is owned by institutional investors and hedge funds.

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.