Ankur Sinha Sells 5,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Stock Up 1.5 %

NASDAQ:RELY opened at $20.58 on Friday. The company has a market capitalization of $4.13 billion, a PE ratio of -108.32 and a beta of 0.07. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The stock has a fifty day simple moving average of $23.30 and a 200-day simple moving average of $19.71.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. As a group, equities analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Comerica Bank raised its stake in Remitly Global by 2.1% in 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. XTX Topco Ltd raised its stake in Remitly Global by 4.0% in the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 563 shares during the last quarter. Claro Advisors LLC raised its stake in Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 629 shares during the last quarter. Sei Investments Co. raised its stake in Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. raised its stake in Remitly Global by 4.4% in the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 653 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Barclays boosted their target price on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. JPMorgan Chase & Co. boosted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, BMO Capital Markets boosted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. One 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 presently has an average rating of “Moderate Buy” and an average target price of $28.13.

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.