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

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CAO Luke Tavis sold 2,920 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.15, for a total transaction of $61,758.00. Following the transaction, the chief accounting officer now owns 1,208 shares of the company's stock, valued at approximately $25,549.20. This represents a 70.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

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

Remitly Global Trading Down 0.2%

Shares of NASDAQ:RELY traded down $0.05 during trading on Thursday, reaching $20.75. The company had a trading volume of 56,542 shares, compared to its average volume of 2,375,727. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The company has a fifty day moving average of $21.05 and a two-hundred day moving average of $21.98. The stock has a market capitalization of $4.23 billion, a P/E ratio of -109.18 and a beta of 0.16.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RELY. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. The Goldman Sachs Group increased their price target on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $28.88.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently modified their holdings of RELY. Global Retirement Partners LLC bought a new stake in Remitly Global during the fourth quarter worth about $28,000. Elequin Capital LP purchased a new position 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 during the first quarter valued at approximately $41,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global during the first quarter valued at approximately $46,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global during the first quarter valued at approximately $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.