Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Director Sells $295,880.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung sold 13,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the transaction, the director now directly owns 103,171 shares in the company, valued at $2,348,171.96. This represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $22.34 on Thursday. The company’s 50 day simple moving average is $20.83 and its 200 day simple moving average is $21.84. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of -117.58 and a beta of 0.16. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.09. The business 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%. The firm’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. As a group, analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RELY shares. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. BMO Capital Markets lifted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. lifted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Finally, JMP Securities reissued a “market outperform” rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.88.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Townsquare Capital LLC grew its stake in shares of Remitly Global by 2.5% during the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock worth $393,000 after buying an additional 459 shares during the last quarter. Xponance Inc. grew its stake in shares of Remitly Global by 4.8% during the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock worth $237,000 after buying an additional 518 shares during the last quarter. Comerica Bank grew its stake in shares of Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock worth $577,000 after buying an additional 534 shares during the last quarter. Sei Investments Co. grew its stake in shares of Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after buying an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. grew its stake in shares of Remitly Global by 4.4% during the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after buying an additional 653 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

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.