Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $457,722.76 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Remitly Global Stock Performance

Shares of RELY traded up $0.02 on Wednesday, hitting $20.83. 982,551 shares of the stock traded hands, compared to its average volume of 1,736,818. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.09. The company has a market capitalization of $4.13 billion, a PE ratio of -59.46 and a beta of 0.03. The business has a 50 day simple moving average of $16.13 and a 200 day simple moving average of $14.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period last year, the firm posted ($0.20) earnings per share. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. On average, equities analysts expect that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Teachers Retirement System of The State of Kentucky grew its position in Remitly Global by 18.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock worth $799,000 after purchasing an additional 9,323 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Remitly Global in the 3rd quarter worth $628,000. Geode Capital Management LLC grew its holdings in shares of Remitly Global by 3.2% in the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after acquiring an additional 107,468 shares during the period. M&T Bank Corp purchased a new stake in Remitly Global during the third quarter valued at $693,000. Finally, Barclays PLC lifted its holdings in Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after acquiring an additional 227,231 shares during the period. Institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on RELY shares. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Monness Crespi & Hardt upped their target price on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. JMP Securities lifted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.75.

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.