Remitly Global (NASDAQ:RELY) Insider Ankur Sinha Sells 7,596 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 7,596 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the transaction, the insider owned 1,222,718 shares in the company, valued at $25,762,668.26. The trade was a 0.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ankur Sinha also recently made the following trade(s):

• On Wednesday, March 11th, Ankur Sinha sold 9,741 shares of Remitly Global stock. The shares were sold at an average price of $16.94, for a total transaction of $165,012.54.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $20.12 on Thursday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92. The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of 41.06 and a beta of 0.40. The company’s 50 day moving average price is $19.38 and its 200-day moving average price is $15.97.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter last year, the business earned $0.05 earnings per share. The business’s revenue was up 25.2% on a year-over-year basis. As a group, equities research analysts forecast that Remitly Global, Inc. will post 0.67 earnings per share for the current fiscal year.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Group LLC lifted its stake in Remitly Global by 52.0% in the third quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock worth $8,069,000 after acquiring an additional 169,271 shares during the period. Capelight Capital Asset Management LP purchased a new stake in Remitly Global in the fourth quarter worth $1,380,000. Pekin Hardy Strauss Inc. lifted its stake in Remitly Global by 581.8% in the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after acquiring an additional 104,716 shares during the period. JPMorgan Chase & Co. lifted its stake in Remitly Global by 5.1% in the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock worth $34,862,000 after acquiring an additional 104,716 shares during the period. Finally, Baillie Gifford & Co. lifted its stake in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after acquiring an additional 3,790,210 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RELY. Cantor Fitzgerald raised their target price on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. KeyCorp raised their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $27.00 target price on shares of Remitly Global in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $24.63.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.