Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Director Sells $101,700.00 in Stock

Remitly Global, Inc. (NASDAQ:RELYGet Free Report) Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the sale, the director now directly owns 102,257 shares in the company, valued at $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Remitly Global Trading Down 2.9%

NASDAQ RELY opened at $19.35 on Friday. The company’s fifty day simple moving average is $21.10 and its 200-day simple moving average is $21.98. 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 $3.94 billion, a P/E ratio of -101.84 and a beta of 0.18.

Remitly Global (NASDAQ:RELYGet Free Report) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $361.62 million for the quarter, compared to analysts’ expectations of $347.81 million. During the same period in the previous year, the company posted ($0.11) earnings per share. The business’s revenue for the quarter was up 34.3% compared to the same quarter last year. On average, research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

RELY has been the topic of several research analyst reports. Wells Fargo & Company raised their target price 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. The Goldman Sachs Group lifted their price target on shares of Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. JMP Securities reaffirmed a “market outperform” rating and set a $32.00 price target on shares of Remitly Global in a research report on Thursday, April 10th. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.88.

Get Our Latest Stock Report on RELY

Institutional Trading of Remitly Global

Institutional investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp raised its holdings in Remitly Global by 10.4% in the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider’s stock valued at $1,290,000 after acquiring an additional 5,390 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Remitly Global in the fourth quarter valued at $1,228,000. Bank of Montreal Can raised its holdings in Remitly Global by 3.6% in the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider’s stock valued at $931,000 after acquiring an additional 1,435 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Remitly Global by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider’s stock valued at $28,135,000 after acquiring an additional 25,616 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Remitly Global by 53.1% in the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider’s stock valued at $1,597,000 after acquiring an additional 24,559 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Company Profile

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Remitly Global (NASDAQ:RELY)

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