Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $793,963.90 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 37,718 shares of Remitly Global stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $21.05, for a total transaction of $793,963.90. Following the transaction, the insider now directly owns 3,776,093 shares in the company, valued at approximately $79,486,757.65. This trade represents a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $19.23, for a total value of $192,300.00.
• On Thursday, April 17th, Joshua Hug sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $19.71, for a total transaction of $197,100.00.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $23.86 on Friday. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The business’s fifty day moving average price is $20.41 and its two-hundred day moving average price is $21.36. The company has a market capitalization of $4.86 billion, a P/E ratio of -125.58 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to analysts’ expectations of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Remitly Global’s quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.11) EPS. On average, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

RELY has been the topic of several recent analyst reports. Barclays boosted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. JPMorgan Chase & Co. boosted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. BMO Capital Markets lifted their price target on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. KeyCorp increased their target price on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Wells Fargo & Company raised their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.13.

Hedge Funds Weigh In On Remitly Global

Several hedge funds have recently modified their holdings of RELY. Vanguard Group Inc. lifted its holdings in shares of Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock valued at $311,109,000 after buying an additional 306,099 shares during the period. Baillie Gifford & Co. lifted its holdings in Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after acquiring an additional 150,602 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of Remitly Global by 34.4% during the 4th 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. Geode Capital Management LLC grew its stake in shares of Remitly Global by 1.4% in 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 purchasing an additional 49,281 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Remitly Global in the 4th quarter worth approximately $66,169,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

About Remitly Global

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.