Joshua Hug Sells 10,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Joshua Hug sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $19.23, for a total value of $192,300.00. Following the completion of the sale, the insider now directly owns 3,813,811 shares of the company's stock, valued at $73,339,585.53. The trade was a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 value of $197,100.00.

Remitly Global Trading Up 0.4 %

Shares of NASDAQ:RELY traded up $0.07 during trading on Friday, reaching $20.05. The stock had a trading volume of 1,458,142 shares, compared to its average volume of 1,988,946. The firm's 50-day simple moving average is $21.00 and its 200 day simple moving average is $20.91. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The company has a market capitalization of $4.02 billion, a P/E ratio of -105.53 and a beta of 0.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of Remitly Global

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Remitly Global in the 4th quarter valued at $66,169,000. Principal Financial Group Inc. grew its stake in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Remitly Global by 1,032.4% in 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 purchasing an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in shares of 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 purchasing an additional 1,220,806 shares during the period. Finally, Marshall Wace LLP raised its stake in shares of Remitly Global by 146.4% in the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after purchasing an additional 933,253 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on RELY shares. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. The Goldman Sachs Group cut their price target on shares of Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Wells Fargo & Company increased their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. William Blair restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, KeyCorp cut their target price on Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a research note on Wednesday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.50.

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.