Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells 9,741 Shares of Stock

Key Points

• Ankur Sinha sold 9,741 shares of Remitly on March 11 at an average price of $16.94 for $165,012, reducing his stake by 0.82% to 1,180,119 shares (≈$19.99M).
• Remitly beat expectations in its most recent quarter with $0.19 EPS vs. $0.02 est. and revenue of $442.18M, up 25.7% year‑over‑year.
• Shares traded down to $15.53 on heavy volume (7.04M vs. avg 3.97M); the company has a $3.27B market cap, a P/E of 50.1, and a consensus Buy rating with an average price target of $22.78.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Ankur Sinha sold 9,741 shares of Remitly Global stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $16.94, for a total transaction of $165,012.54. Following the transaction, the insider directly owned 1,180,119 shares of the company's stock, valued at approximately $19,991,215.86. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Price Performance

Shares of RELY stock traded down $1.45 during trading hours on Thursday, reaching $15.53. The company's stock had a trading volume of 7,036,595 shares, compared to its average volume of 3,966,075. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The firm's 50 day simple moving average is $14.48 and its 200-day simple moving average is $15.16. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 50.10 and a beta of 0.06.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The business had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The firm's revenue was up 25.7% compared to the same quarter last year. Sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock worth $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC increased its position in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock valued at $7,142,000 after acquiring an additional 124,798 shares during the period. Caxton Associates LLP purchased a new position in shares of Remitly Global in the first quarter worth about $218,000. Focus Partners Wealth acquired a new stake in Remitly Global during the 1st quarter valued at approximately $1,458,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Remitly Global by 8.2% in the second quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider's stock worth $1,210,000 after acquiring an additional 4,900 shares during the period. Institutional investors own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RELY. The Goldman Sachs Group boosted their target price on Remitly Global from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, February 19th. Cantor Fitzgerald lifted their price target on Remitly Global from $17.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, February 19th. Wall Street Zen upgraded Remitly Global from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. JPMorgan Chase & Co. reduced their target price on shares of Remitly Global from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 20th. Finally, Oppenheimer set a $20.00 price target on Remitly Global in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $22.78.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.