Ankur Sinha Sells 9,741 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 9,741 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider owned 1,180,119 shares of the company’s stock, valued at $19,991,215.86. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $15.25 on Friday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 49.19 and a beta of 0.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The business’s 50 day moving average price is $14.56 and its 200 day moving average price is $15.13.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The firm’s revenue for the quarter was up 25.7% compared to the same quarter last year. On average, research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Remitly Global during the second quarter valued at about $36,619,000. Geode Capital Management LLC raised its stake in shares of Remitly Global by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after acquiring an additional 129,706 shares during the period. LB Partners LLC lifted its holdings in shares of Remitly Global by 60.4% in the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock worth $16,554,000 after acquiring an additional 382,314 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Remitly Global during the 2nd quarter worth approximately $425,000. Finally, Renaissance Group LLC boosted its position in shares of Remitly Global by 52.0% during the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock worth $8,069,000 after purchasing an additional 169,271 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RELY shares. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. JPMorgan Chase & Co. decreased their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Wall Street Zen raised shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. The Goldman Sachs Group raised their price target on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Finally, Citizens Jmp lifted their price target on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $22.78.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.