Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $80,000.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Remitly Global Stock Performance

NASDAQ RELY opened at $19.50 on Friday. The stock has a fifty day moving average of $14.62 and a 200-day moving average of $14.04. The stock has a market capitalization of $3.86 billion, a P/E ratio of -55.71 and a beta of 0.03. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $23.01.

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

Analyst Ratings Changes

RELY has been the subject of several analyst reports. Barclays raised their target price on Remitly Global from $16.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. raised their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Monness Crespi & Hardt raised their target price on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, BMO Capital Markets raised their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new position in Remitly Global during the third quarter worth about $603,000. Advisors Asset Management Inc. lifted its holdings in Remitly Global by 58.7% during 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 in the last quarter. Caprock Group LLC lifted its holdings in shares of Remitly Global by 7.7% in the third quarter. Caprock Group LLC now owns 37,869 shares of the financial services provider’s stock valued at $507,000 after purchasing an additional 2,710 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Remitly Global by 2.1% in the third quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider’s stock valued at $4,763,000 after purchasing an additional 7,302 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in shares of Remitly Global by 30.2% in the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after purchasing an additional 60,991 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.