Remitly Global, Inc. (NASDAQ:RELY) Insider Ankur Sinha Sells 5,000 Shares of Stock

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

Remitly Global Price Performance

NASDAQ:RELY opened at $20.27 on Thursday. The company has a market capitalization of $4.07 billion, a P/E ratio of -106.68 and a beta of 0.07. The business has a fifty day simple moving average of $23.35 and a two-hundred day simple moving average of $19.71. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The business 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, analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global during the fourth quarter worth $28,000. Advisors Asset Management Inc. lifted its holdings in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in Remitly Global in the 3rd quarter worth about $76,000. R Squared Ltd bought a new position in Remitly Global in the 4th quarter worth about $89,000. Finally, FMR LLC grew its holdings in Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Barclays lifted their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company lifted their target price 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. Finally, JPMorgan Chase & Co. boosted their target price on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.13.

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.