Remitly Global, Inc. (NASDAQ:RELY) Director Sells $295,880.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung sold 13,000 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $22.76, for a total transaction of $295,880.00. Following the completion of the transaction, the director now owns 103,171 shares in the company, valued at approximately $2,348,171.96. This trade represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Remitly Global Trading Down 1.1%

RELY traded down $0.25 during trading on Monday, hitting $22.54. 2,303,957 shares of the company’s stock were exchanged, compared to its average volume of 2,017,209. The stock has a 50 day moving average price of $20.66 and a 200 day moving average price of $21.79. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a market cap of $4.59 billion, a P/E ratio of -118.63 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) EPS. Analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on RELY. BMO Capital Markets lifted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Wells Fargo & Company lifted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. Barclays raised their price target on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.88.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently modified their holdings of RELY. Alliancebernstein L.P. boosted its holdings in Remitly Global by 366.8% in the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after acquiring an additional 4,037,151 shares during the period. Norges Bank acquired a new stake in shares of Remitly Global during the fourth quarter valued at about $66,169,000. Driehaus Capital Management LLC acquired a new stake in shares of Remitly Global during the first quarter valued at about $32,731,000. Nuveen LLC acquired a new position in shares of Remitly Global in the first quarter worth about $32,703,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock worth $31,614,000 after acquiring an additional 1,276,991 shares in the last quarter. Institutional investors and hedge funds 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.