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 shares were sold at an average price of $20.34, for a total value of $101,700.00. Following the sale, the director now owns 102,257 shares in the company, valued at approximately $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Remitly Global Trading Down 2.9%
Remitly Global stock traded down $0.57 during trading on Friday, reaching $19.35. The company had a trading volume of 3,418,669 shares, compared to its average volume of 2,097,410. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The firm's 50-day simple moving average is $21.10 and its 200 day simple moving average is $21.98. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of -101.84 and a beta of 0.18.
Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $361.62 million for the quarter, compared to analysts' expectations of $347.81 million. During the same period last year, the firm earned ($0.11) EPS. Remitly Global's revenue for the quarter was up 34.3% compared to the same quarter last year. On average, analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.
Institutional Investors Weigh In On Remitly Global
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Osterweis Capital Management Inc. bought a new stake in Remitly Global during the first quarter valued at about $7,566,000. Rhumbline Advisers increased its holdings in shares of Remitly Global by 5.4% in the first quarter. Rhumbline Advisers now owns 219,702 shares of the financial services provider's stock worth $4,570,000 after purchasing an additional 11,213 shares during the last quarter. Strs Ohio bought a new stake in shares of Remitly Global in the first quarter worth about $1,046,000. Intech Investment Management LLC increased its holdings in shares of Remitly Global by 53.0% in the first quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider's stock worth $1,931,000 after purchasing an additional 32,150 shares during the last quarter. Finally, Focus Partners Wealth bought a new stake in shares of Remitly Global in the first quarter worth about $1,458,000. 74.25% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have commented on the company. JMP Securities reiterated a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. JPMorgan Chase & Co. raised their price target on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Barclays raised their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. The Goldman Sachs Group raised their price target on 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 price target on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. One 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.
Check Out Our Latest Stock Report on Remitly Global
About Remitly Global
(
Get Free Report)
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.
See Also

Before you consider Remitly Global, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Remitly Global wasn't on the list.
While Remitly Global currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.