Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Insider Sells 4,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Remitly Global Stock Down 1.3 %

Shares of NASDAQ RELY traded down $0.26 during midday trading on Thursday, reaching $19.47. The company had a trading volume of 2,054,121 shares, compared to its average volume of 1,715,199. The firm’s fifty day moving average price is $14.50 and its 200-day moving average price is $14.03. The stock 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 one year low of $11.60 and a one year high of $23.01.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the business posted ($0.20) EPS. The business’s revenue was up 39.3% on a year-over-year basis. As a group, equities research analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its holdings in Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,344 shares during the period. Picton Mahoney Asset Management purchased a new stake in Remitly Global in the 1st quarter worth approximately $37,000. Blue Trust Inc. bought a new position in shares of Remitly Global in the 2nd quarter worth approximately $43,000. Assetmark Inc. bought a new position in shares of Remitly Global in the 3rd quarter worth approximately $76,000. Finally, nVerses Capital LLC raised its position in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 8,700 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the topic of a number of recent analyst reports. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. BMO Capital Markets lifted their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Monness Crespi & Hardt lifted their price target on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. The Goldman Sachs Group dropped their price target on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, Barclays lifted their price target on Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average price target of $22.38.

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.