Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells 7,596 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 7,596 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following the sale, the insider directly owned 1,222,718 shares of the company’s stock, valued at $25,762,668.26. This represents a 0.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ankur Sinha also recently made the following trade(s):

• On Wednesday, March 11th, Ankur Sinha sold 9,741 shares of Remitly Global stock. The stock was sold at an average price of $16.94, for a total transaction of $165,012.54.

Remitly Global Trading Down 1.3%

NASDAQ RELY traded down $0.27 on Wednesday, reaching $20.12. 2,808,912 shares of the stock were exchanged, compared to its average volume of 4,159,927. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The firm has a market capitalization of $4.24 billion, a PE ratio of 41.06 and a beta of 0.40. The company’s 50-day simple moving average is $19.28 and its two-hundred day simple moving average is $15.91.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on RELY. Cantor Fitzgerald lifted their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, May 7th. Citizens Jmp lifted their price objective on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. Wall Street Zen lowered Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Finally, Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently made changes to their positions in RELY. Bank of America Corp DE grew its holdings in Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after buying an additional 1,962,076 shares during the period. Finally, Azora Capital LP purchased a new position in shares of Remitly Global during the third quarter valued at approximately $31,213,000. Institutional investors 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.