Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $22,796.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 1,112 shares of the business’s stock in a transaction 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 directly owns 326,576 shares in the company, valued at approximately $6,694,808. The trade was a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Remitly Global Stock Up 1.7 %

NASDAQ:RELY opened at $21.04 on Monday. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.49. The firm’s 50-day moving average price is $15.88 and its 200-day moving average price is $14.23.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same period in the prior year, the firm posted ($0.20) EPS. Remitly Global’s revenue for the quarter was up 39.3% on a year-over-year basis. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. 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 research report on Wednesday, September 18th. Barclays upped their target price on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Monness Crespi & Hardt upped their target price on shares of Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.75.

Institutional Trading of Remitly Global

Several institutional investors have recently bought and sold shares of RELY. American International Group Inc. grew its position in Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock valued at $1,391,000 after purchasing an additional 871 shares during the last quarter. Advisors Asset Management Inc. grew its position in Remitly Global by 409.8% during the 1st 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 last quarter. Hood River Capital Management LLC purchased a new stake in Remitly Global during the 1st quarter valued at about $12,789,000. Price T Rowe Associates Inc. MD lifted its stake in Remitly Global by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 86,164 shares of the financial services provider’s stock valued at $1,788,000 after acquiring an additional 5,596 shares during the period. Finally, Bayesian Capital Management LP bought a new position in Remitly Global during the 1st quarter valued at about $1,271,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.