Luke Tavis Sells 2,920 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CAO Luke Tavis sold 2,920 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the sale, the chief accounting officer now directly owns 1,208 shares of the company's stock, valued at $25,549.20. The trade was a 70.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Luke Tavis also recently made the following trade(s):

• On Tuesday, May 27th, Luke Tavis sold 970 shares of Remitly Global stock. The stock was sold at an average price of $22.33, for a total transaction of $21,660.10.

Remitly Global Stock Up 3.2%

RELY traded up $0.66 during mid-day trading on Friday, reaching $21.54. 2,727,527 shares of the company traded hands, compared to its average volume of 2,062,706. The stock has a market capitalization of $4.39 billion, a P/E ratio of -113.37 and a beta of 0.18. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The company's fifty day moving average price is $21.05 and its 200-day moving average price is $21.99.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same period in the prior year, the business posted ($0.11) EPS. Remitly Global's revenue was up 34.3% on a year-over-year basis. As a group, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RELY has been the subject of several research analyst reports. JMP Securities restated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. Wells Fargo & Company lifted their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. The Goldman Sachs Group increased their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $28.88.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RELY. Global Retirement Partners LLC bought a new position in shares of Remitly Global in the fourth quarter worth about $28,000. Elequin Capital LP bought a new stake in shares of Remitly Global during the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Remitly Global in the first quarter worth $41,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global in the 1st quarter worth $46,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Remitly Global during the first quarter valued at about $66,000. 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.