Remitly Global, Inc. (NASDAQ:RELY) Insider Ankur Sinha Sells 5,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Remitly Global Stock Up 4.0 %

RELY stock traded up $0.78 during midday trading on Wednesday, reaching $20.27. The company’s stock had a trading volume of 1,985,129 shares, compared to its average volume of 1,761,627. The business’s 50-day simple moving average is $23.40 and its 200-day simple moving average is $19.70. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The stock has a market cap of $4.07 billion, a PE ratio of -106.68 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock worth $330,674,000 after acquiring an additional 380,159 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after purchasing an additional 150,602 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its position in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after purchasing an additional 1,220,806 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Remitly Global by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after buying an additional 169,454 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Remitly Global by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock worth $79,666,000 after buying an additional 49,281 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

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