Remitly Global, Inc. (NASDAQ:RELY) Director Sells $101,700.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Phillip John Riese sold 5,000 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the sale, the director now directly owns 102,257 shares of the company's stock, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Stock Performance

Shares of Remitly Global stock traded down $0.62 on Friday, hitting $19.31. The company's stock had a trading volume of 1,193,088 shares, compared to its average volume of 2,084,984. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -101.95 and a beta of 0.18. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a fifty day moving average price of $21.08 and a 200-day moving average price of $21.98.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate 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 for the quarter was up 34.3% on a year-over-year basis. During the same period last year, the firm posted ($0.11) earnings per share. As a group, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Trading of Remitly Global

A number of large investors have recently made changes to their positions in RELY. Global Retirement Partners LLC purchased a new position in shares of Remitly Global in the 4th quarter valued at about $28,000. Elequin Capital LP acquired a new stake in Remitly Global during the first quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Remitly Global during the 1st quarter worth approximately $41,000. Exchange Traded Concepts LLC purchased a new position in shares of Remitly Global in the 1st quarter valued at $46,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Remitly Global during the 1st quarter worth $66,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RELY has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their target price on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays upped their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Wells Fargo & Company upped their target price on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Finally, Monness Crespi & Hardt increased their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

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.