Phillip John Riese Sells 5,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) 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 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.

About Remitly Global

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.