Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 12,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the transaction, the director directly owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Stock Down 0.0%

Remitly Global stock traded down $0.01 during trading hours on Thursday, hitting $21.57. The stock had a trading volume of 2,880,891 shares, compared to its average volume of 4,185,981. The company has a 50-day moving average of $18.87 and a two-hundred day moving average of $15.77. The company has a market cap of $4.54 billion, a PE ratio of 44.02 and a beta of 0.40. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter in the prior year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. As a group, analysts forecast that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Cantor Fitzgerald increased their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Oppenheimer set a $20.00 price target on shares of Remitly Global in a research report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.63.

Institutional Trading of Remitly Global

Several institutional investors have recently bought and sold shares of RELY. California State Teachers Retirement System increased its position in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares in the last quarter. Main Management ETF Advisors LLC increased its position in shares of Remitly Global by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after purchasing an additional 984 shares in the last quarter. Empowered Funds LLC increased its position in shares of Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 1,050 shares in the last quarter. Xponance Inc. increased its position in shares of Remitly Global by 8.7% during the 3rd quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,060 shares in the last quarter. Finally, AlphaQuest LLC increased its position in shares of Remitly Global by 34.4% during the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,115 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.