Remitly Global (NASDAQ:RELY) Shares Gap Up - Here's Why

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $19.53, but opened at $20.48. Remitly Global shares last traded at $21.25, with a volume of 1,231,240 shares traded.

Analyst Ratings Changes

RELY has been the subject of a number of research reports. BMO Capital Markets lifted 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. KeyCorp increased their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. The Goldman Sachs Group upped their price target on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Remitly Global Price Performance

The firm's 50 day simple moving average is $21.13 and its 200-day simple moving average is $21.95. The company has a market cap of $4.10 billion, a price-to-earnings ratio of -671.00 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. The firm had revenue of $361.62 million during the quarter, compared to analysts' expectations of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The business's revenue was up 34.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.11) EPS. On average, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity

In other news, Director Phillip John Riese sold 5,000 shares of the firm's 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 completion of the sale, the director now owns 102,257 shares in the company, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joshua Hug sold 10,000 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $19.23, for a total value of $192,300.00. Following the transaction, the insider now directly owns 3,813,811 shares of the company's stock, valued at approximately $73,339,585.53. This trade represents a 0.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,084,968 shares of company stock valued at $276,321,392 in the last ninety days. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Institutional investors have recently added to or reduced their stakes in the stock. Townsquare Capital LLC increased its stake in Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock valued at $393,000 after purchasing an additional 459 shares in the last quarter. Xponance Inc. raised its stake in shares of Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after buying an additional 518 shares during the last quarter. Comerica Bank raised its stake in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after buying an additional 534 shares during the last quarter. Sei Investments Co. boosted its position in shares of Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock worth $313,000 after buying an additional 636 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in Remitly Global by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider's stock valued at $352,000 after acquiring an additional 717 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

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.