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 shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Remitly Global Stock Down 1.3 %

NASDAQ:RELY traded down $0.26 on Thursday, reaching $19.47. 2,054,121 shares of the company’s stock traded hands, compared to its average volume of 1,715,199. The stock has a 50-day simple moving average of $14.50 and a 200-day simple moving average of $14.03. The firm has a market cap of $3.86 billion, a PE ratio of -55.63 and a beta of 0.03. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month 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 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned ($0.20) earnings per share. On average, equities analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RELY. KeyCorp raised their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Barclays increased their target price on Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday. The Goldman Sachs Group cut their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. BMO Capital Markets increased their target price on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. Finally, JMP Securities increased their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.38.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently bought and sold shares of RELY. American International Group Inc. increased its holdings in shares of Remitly Global by 1.3% in the first quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after purchasing an additional 871 shares during the last quarter. Simplicity Wealth LLC boosted its holdings in shares of Remitly Global by 11.7% in the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 1,228 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Remitly Global by 7.1% in the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 1,296 shares during the period. Advisors Asset Management Inc. boosted its holdings 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 valued at $35,000 after purchasing an additional 1,344 shares during the period. Finally, Arizona State Retirement System raised its stake in Remitly Global by 3.7% in the second quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider’s stock worth $480,000 after buying an additional 1,415 shares in the last quarter. 74.25% of the stock is 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.