Remitly Global, Inc. (NASDAQ:RELY) CAO Luke Tavis Sells 970 Shares

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CAO Luke Tavis sold 970 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $22.33, for a total transaction of $21,660.10. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company's stock, valued at $92,178.24. This trade represents a 19.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Remitly Global Price Performance

RELY traded up $0.16 during midday trading on Friday, reaching $21.19. 2,235,034 shares of the company's stock were exchanged, compared to its average volume of 2,048,598. The stock has a market capitalization of $4.32 billion, a PE ratio of -111.53 and a beta of 0.16. The business's 50-day moving average price is $21.05 and its 200 day moving average price is $21.95. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. The business had revenue of $361.62 million during 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 in the previous year, the business posted ($0.11) earnings per share. As a group, analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on RELY shares. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Barclays raised their price objective 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. JMP Securities reiterated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. Finally, Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider's stock valued at $311,109,000 after purchasing an additional 306,099 shares during the period. Baillie Gifford & Co. raised its holdings in Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after acquiring an additional 150,602 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock valued at $106,867,000 after acquiring an additional 4,037,151 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after acquiring an additional 1,220,806 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after acquiring an additional 49,281 shares in the last quarter. Institutional investors and hedge funds 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.