Joshua Hug Sells 10,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $19.71, for a total transaction of $197,100.00. Following the sale, the insider now directly owns 3,823,811 shares of the company’s stock, valued at approximately $75,367,314.81. This trade represents a 0.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Joshua Hug also recently made the following trade(s):

• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.23, for a total value of $192,300.00.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded down $0.83 during trading on Monday, reaching $19.10. The stock had a trading volume of 1,741,785 shares, compared to its average volume of 1,967,030. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The firm’s fifty day moving average is $21.68 and its 200 day moving average is $20.79. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of -100.53 and a beta of 0.15.

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

Analysts Set New Price Targets

RELY has been the topic of a number of recent analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. Wells Fargo & Company upped their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Barclays raised their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. BMO Capital Markets upped their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their target price on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $28.13.

Institutional Trading of Remitly Global

Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in Remitly Global during the 4th quarter valued at $66,169,000. Principal Financial Group Inc. increased its holdings in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock worth $31,614,000 after purchasing an additional 1,276,991 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after buying an additional 1,220,806 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock valued at $35,456,000 after acquiring an additional 933,253 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

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.