Remitly Global (NASDAQ:RELY) Stock Price Down 3.4% on Insider Selling

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s share price traded down 3.4% on Tuesday after an insider sold shares in the company. The company traded as low as $20.72 and last traded at $20.81. 912,622 shares were traded during trading, a decline of 55% from the average session volume of 2,050,300 shares. The stock had previously closed at $21.55.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RELY shares. Wells Fargo & Company upped their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. Barclays boosted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. 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. Finally, The Goldman Sachs Group boosted 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. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Remitly Global has an average rating of "Moderate Buy" and a consensus price target of $28.88.

Remitly Global Price Performance

The company has a market cap of $4.24 billion, a P/E ratio of -109.42 and a beta of 0.16. The stock's 50-day moving average is $21.05 and its two-hundred day moving average is $21.98.

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 for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company's quarterly revenue was up 34.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.11) EPS. On average, analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Trading of Remitly Global

Several large investors have recently modified their holdings of the company. Townsquare Capital LLC lifted its holdings in Remitly Global by 2.5% in the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock valued at $393,000 after acquiring an additional 459 shares during the period. Xponance Inc. increased its position 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 valued at $237,000 after purchasing an additional 518 shares during the last quarter. Comerica Bank increased its position 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 valued at $577,000 after purchasing an additional 534 shares during the last quarter. Sei Investments Co. lifted its stake 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 purchasing an additional 636 shares during the period. Finally, Values First Advisors Inc. boosted its holdings in shares of Remitly Global by 4.4% in the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock worth $349,000 after buying an additional 653 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

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.