Remitly Global (NASDAQ:RELY) Shares Gap Down Following Insider Selling

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $21.36, but opened at $20.80. Remitly Global shares last traded at $21.28, with a volume of 375,579 shares traded.

Specifically, Director Joshua Hug sold 20,000 shares of Remitly Global stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $21.07, for a total transaction of $421,400.00. Following the transaction, the director now directly owns 3,713,811 shares in the company, valued at approximately $78,249,997.77. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joshua Hug sold 60,777 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $21.22, for a total value of $1,289,687.94. Following the sale, the director now directly owns 3,733,811 shares of the company's stock, valued at approximately $79,231,469.42. The trade was a 1.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CAO Luke Tavis sold 2,920 shares of Remitly Global stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.15, for a total transaction of $61,758.00. Following the completion of the transaction, the chief accounting officer now owns 1,208 shares in the company, valued at approximately $25,549.20. This trade represents a 70.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of research firms have recently issued reports on RELY. KeyCorp raised their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. raised their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Monness Crespi & Hardt lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Barclays increased their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global Stock Performance

The stock has a fifty day simple moving average of $21.05 and a two-hundred day simple moving average of $21.98. The stock has a market cap of $4.24 billion, a price-to-earnings ratio of -109.42 and a beta of 0.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Remitly Global's revenue was up 34.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. Equities analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp lifted its stake in Remitly Global by 10.4% in the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock valued at $1,290,000 after purchasing an additional 5,390 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Remitly Global in the 4th quarter valued at $1,228,000. Bank of Montreal Can lifted its stake in shares of Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after acquiring an additional 1,435 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Remitly Global by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider's stock worth $28,135,000 after acquiring an additional 25,616 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Remitly Global by 53.1% in the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock valued at $1,597,000 after buying an additional 24,559 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.