Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Insider Sells 1,112 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 1,112 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $20.50, for a total transaction of $22,796.00. Following the transaction, the insider now owns 326,576 shares in the company, valued at $6,694,808. The trade was a 0.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Remitly Global Stock Up 1.7 %

Shares of RELY traded up $0.36 during mid-day trading on Friday, reaching $21.04. The company had a trading volume of 1,787,382 shares, compared to its average volume of 1,738,226. The stock has a market capitalization of $4.17 billion, a P/E ratio of -59.09 and a beta of 0.03. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $22.49. The stock has a 50 day moving average of $15.75 and a two-hundred day moving average of $14.20.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.20) EPS. On average, sell-side analysts expect that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its position in shares of Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,344 shares during the period. Blue Trust Inc. purchased a new position in shares of Remitly Global in the 2nd quarter valued at about $43,000. Assetmark Inc. acquired a new position in Remitly Global in the 3rd quarter worth about $76,000. FMR LLC raised its holdings in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the period. Finally, nVerses Capital LLC boosted its position in Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of research analyst reports. BMO Capital Markets boosted their price objective 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. KeyCorp boosted their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Barclays raised their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Monness Crespi & Hardt increased their price target on shares of Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.