Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung Sells 13,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung sold 13,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total value of $295,880.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Stock Down 1.1%

Shares of Remitly Global stock opened at $22.54 on Tuesday. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The business’s fifty day simple moving average is $20.72 and its 200-day simple moving average is $21.83. The firm has a market cap of $4.59 billion, a PE ratio of -118.63 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The company’s quarterly revenue was up 34.3% on a year-over-year basis. As a group, equities analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. JMP Securities reissued a “market outperform” rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. Barclays boosted their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. Wells Fargo & Company boosted their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their price objective on Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Hedge Funds Weigh In On Remitly Global

Large investors have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global in the 4th quarter valued at $28,000. Elequin Capital LP purchased a new stake in shares of Remitly Global in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Remitly Global in the 1st quarter valued at $41,000. Exchange Traded Concepts LLC purchased a new stake in shares of Remitly Global in the 1st quarter valued at $46,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Remitly Global in the 1st quarter valued at $66,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Company Profile

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.