Ankur Sinha Sells 1,112 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 1,112 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $20.50, for a total value of $22,796.00. Following the transaction, the insider now directly owns 326,576 shares of the company’s stock, valued at $6,694,808. The trade was a 0.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Remitly Global Stock Performance

Remitly Global stock opened at $21.04 on Friday. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.49. The firm has a 50 day moving average price of $15.88 and a 200 day moving average price of $14.24. The company has a market cap of $4.17 billion, a price-to-earnings ratio of -60.11 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.20) EPS. Sell-side analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Advisors Asset Management Inc. lifted its stake in shares of Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,344 shares in the last quarter. Blue Trust Inc. acquired a new stake in Remitly Global during the 2nd quarter worth approximately $43,000. Assetmark Inc. acquired a new position in Remitly Global during the third quarter valued at approximately $76,000. FMR LLC grew its stake in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares during the period. Finally, nVerses Capital LLC grew its stake in Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after buying an additional 8,700 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on RELY shares. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, KeyCorp lifted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.75.

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.