Remitly Global (NASDAQ:RELY) Stock Price Down 7.8% on Insider Selling

Remitly Global, Inc. (NASDAQ:RELY) shares were down 7.8% during trading on Thursday following insider selling activity. The company traded as low as $15.46 and last traded at $15.6640. Approximately 2,348,079 shares were traded during trading, a decline of 39% from the average daily volume of 3,864,936 shares. The stock had previously closed at $16.98.

Specifically, insider Ankur Sinha sold 9,741 shares of Remitly Global stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the transaction, the insider directly owned 1,180,119 shares of the company’s stock, valued at $19,991,215.86. The trade was a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Oppenheimer set a $20.00 price target on shares of Remitly Global in a research report on Thursday, February 19th. Bank of America initiated coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective for the company. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Finally, Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Remitly Global presently has an average rating of “Buy” and an average target price of $22.78.

Remitly Global Trading Down 1.8%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock’s 50-day simple moving average is $14.56 and its 200-day simple moving average is $15.13. The firm has a market capitalization of $3.21 billion, a PE ratio of 49.19 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.02 by $0.17. The firm had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same period last year, the company posted ($0.03) EPS. As a group, sell-side analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Remitly Global during the 2nd quarter worth approximately $36,619,000. Geode Capital Management LLC lifted its stake in shares of Remitly Global by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after purchasing an additional 129,706 shares during the period. LB Partners LLC lifted its stake in shares of Remitly Global by 60.4% in the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock valued at $16,554,000 after purchasing an additional 382,314 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Remitly Global during the second quarter valued at approximately $425,000. Finally, Renaissance Group LLC boosted its position in shares of Remitly Global by 52.0% during the third quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock valued at $8,069,000 after purchasing an additional 169,271 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

Remitly Global Company Profile

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.