Remitly Global, Inc. (NASDAQ:RELY) Insider Sells $197,100.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Joshua Hug sold 10,000 shares of the stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $19.71, for a total transaction of $197,100.00. Following the transaction, the insider now owns 3,823,811 shares in the company, valued at approximately $75,367,314.81. This trade represents a 0.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Joshua Hug also recently made the following trade(s):

• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.23, for a total value of $192,300.00.

Remitly Global Stock Performance

Shares of RELY traded up $0.07 during mid-day trading on Friday, reaching $20.05. The stock had a trading volume of 1,458,142 shares, compared to its average volume of 1,988,946. The business has a fifty day moving average of $21.00 and a 200 day moving average of $20.91. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of -105.53 and a beta of 0.15. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. BMO Capital Markets raised their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Wells Fargo & Company upped their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Barclays lifted their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Finally, JMP Securities restated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.50.

Institutional Trading of Remitly Global

Several institutional investors have recently made changes to their positions in RELY. Global Retirement Partners LLC bought a new position in Remitly Global in the 4th quarter worth approximately $28,000. Exchange Traded Concepts LLC bought a new position in shares of Remitly Global during the first quarter worth $46,000. R Squared Ltd bought a new position in shares of Remitly Global during the fourth quarter worth $89,000. Wilmington Savings Fund Society FSB purchased a new position in Remitly Global during the fourth quarter valued at $135,000. Finally, KBC Group NV increased its holdings in Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after acquiring an additional 2,033 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.