Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $118,750.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Ryno Blignaut sold 5,000 shares of the business’s stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $23.75, for a total transaction of $118,750.00. Following the sale, the director directly owned 63,269 shares in the company, valued at approximately $1,502,638.75. This represents a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Remitly Global Stock Performance

RELY traded down $0.24 on Friday, hitting $22.55. 2,284,339 shares of the company were exchanged, compared to its average volume of 3,297,140. The business’s fifty day moving average is $23.25 and its 200 day moving average is $20.93. The firm has a market capitalization of $4.83 billion, a P/E ratio of 13.67 and a beta of 0.46. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $28.00.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.15. The firm had revenue of $509.84 million during the quarter, compared to the consensus estimate of $507.31 million. Remitly Global had a return on equity of 35.56% and a net margin of 19.14%. Remitly Global’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. Analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on RELY shares. Citizens Jmp boosted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Wolfe Research boosted their price target on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $27.78.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently modified their holdings of RELY. IFP Advisors Inc lifted its stake in shares of Remitly Global by 59.1% during the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 527 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Remitly Global by 129.2% during the third quarter. Global Retirement Partners LLC now owns 1,490 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 840 shares during the last quarter. Nykredit A S purchased a new stake in shares of Remitly Global in the second quarter valued at $40,000. GAMMA Investing LLC grew its position in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the period. Finally, Advisors Asset Management Inc. purchased a new stake in shares of Remitly Global in the third quarter valued at $65,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc. operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination. The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.