Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $457,722.76 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Remitly Global Trading Down 1.3 %

Shares of Remitly Global stock opened at $20.56 on Friday. The business’s fifty day simple moving average is $16.52 and its 200 day simple moving average is $14.45. The firm has a market capitalization of $4.07 billion, a P/E ratio of -58.74 and a beta of 0.03. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.08.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates 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%. Remitly Global’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period last year, the company posted ($0.20) earnings per share. Analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Remitly Global

A number of large investors have recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky increased its position in Remitly Global by 18.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock worth $799,000 after buying an additional 9,323 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in Remitly Global in the third quarter worth $628,000. Geode Capital Management LLC increased its position in Remitly Global by 3.2% in the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after buying an additional 107,468 shares during the last quarter. M&T Bank Corp purchased a new stake in Remitly Global in the third quarter worth $693,000. Finally, Barclays PLC increased its position in Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after buying an additional 227,231 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on RELY shares. JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. KeyCorp increased 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. JPMorgan Chase & Co. increased their price target on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Finally, BMO Capital Markets increased their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.75.

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.