Remitly Global (NASDAQ:RELY) Insider Sells $160,047.72 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 7,596 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following the transaction, the insider directly owned 1,222,718 shares in the company, valued at $25,762,668.26. This represents a 0.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 shares were sold at an average price of $16.94, for a total value of $165,012.54.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $20.02 on Friday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The business’s fifty day moving average price is $19.55 and its 200-day moving average price is $16.05. The stock has a market capitalization of $4.22 billion, a PE ratio of 40.86 and a beta of 0.40.

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Freedom Capital raised Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Cantor Fitzgerald increased their price objective on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Bank of America assumed coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective on the stock. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.63.

Hedge Funds Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the business. Summit Securities Group LLC bought a new position in Remitly Global in the 1st quarter worth about $26,000. Torren Management LLC bought a new position in Remitly Global in the 4th quarter worth about $25,000. Essex Investment Management Co. LLC bought a new position in Remitly Global in the 3rd quarter worth about $33,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global in the 4th quarter worth about $28,000. Finally, GAMMA Investing LLC increased its stake in Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the last quarter. 74.25% of the stock is currently 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.