Remitly Global, Inc. (NASDAQ:RELY) Insider Ankur Sinha Sells 5,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Remitly Global Price Performance

Remitly Global stock opened at $20.33 on Friday. The firm has a 50 day simple moving average of $23.25 and a 200-day simple moving average of $19.76. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -107.00 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Equities analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new position in Remitly Global during the fourth quarter worth about $28,000. Advisors Asset Management Inc. boosted its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in shares of Remitly Global during the 3rd quarter worth approximately $76,000. R Squared Ltd purchased a new position in shares of Remitly Global during the 4th quarter worth approximately $89,000. Finally, FMR LLC boosted its position in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RELY. Wells Fargo & Company boosted their price target on 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 upped their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. BMO Capital Markets upped 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. William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, Barclays upped their price target on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and a consensus price target of $28.13.

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.