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

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction 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 sale, the insider now directly owns 397,805 shares of the company’s stock, valued at $7,562,273.05. This represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Remitly Global Trading Up 4.0 %

Shares of NASDAQ:RELY opened at $20.27 on Thursday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The stock’s 50-day moving average price is $23.35 and its 200-day moving average price is $19.71. The stock has a market capitalization of $4.07 billion, a P/E ratio of -106.68 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping 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, research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Remitly Global in the 4th quarter worth $66,169,000. Principal Financial Group Inc. boosted its position in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after acquiring an additional 2,001,198 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock worth $31,614,000 after purchasing an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC grew its position in shares of Remitly Global by 34.4% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after buying an additional 1,220,806 shares during the period. Finally, Marshall Wace LLP boosted its stake in Remitly Global by 146.4% during the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock worth $35,456,000 after acquiring an additional 933,253 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays lifted their price target on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. BMO Capital Markets lifted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus 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.