Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Director Sells 20,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 20,000 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $21.07, for a total transaction of $421,400.00. Following the completion of the transaction, the director now directly owns 3,713,811 shares in the company, valued at $78,249,997.77. This trade represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Joshua Hug also recently made the following trade(s):

• On Thursday, May 29th, Joshua Hug sold 60,777 shares of Remitly Global stock. The stock was sold at an average price of $21.22, for a total transaction of $1,289,687.94.
• On Thursday, May 15th, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $22.77, for a total value of $227,700.00.
• On Monday, May 5th, Joshua Hug sold 37,718 shares of Remitly Global stock. The stock was sold at an average price of $21.05, for a total transaction of $793,963.90.
• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.23, for a total transaction of $192,300.00.
• On Thursday, April 17th, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.71, for a total transaction of $197,100.00.

Remitly Global Trading Up 3.2%

Shares of NASDAQ RELY traded up $0.66 during mid-day trading on Friday, hitting $21.54. The company had a trading volume of 2,727,527 shares, compared to its average volume of 2,062,706. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of -113.37 and a beta of 0.18. The stock's 50-day moving average price is $21.05 and its 200-day moving average price is $21.99.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results 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. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same quarter in the previous year, the firm earned ($0.11) EPS. The company's quarterly revenue was up 34.3% compared to the same quarter last year. As a group, equities research analysts forecast 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 RELY. Alliancebernstein L.P. raised its position in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock valued at $106,867,000 after buying an additional 4,037,151 shares in the last quarter. Norges Bank bought a new position in Remitly Global in the fourth quarter valued at $66,169,000. Driehaus Capital Management LLC bought a new position in Remitly Global in the first quarter valued at $32,731,000. Nuveen LLC purchased a new stake in Remitly Global during the first quarter valued at about $32,703,000. Finally, Price T Rowe Associates Inc. MD grew its position in Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after acquiring an additional 1,276,991 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of recent analyst reports. KeyCorp 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 report on Thursday, May 8th. 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 research note on Thursday, May 8th. William Blair restated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, Barclays lifted their target price 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. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock 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.