Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells $165,012.54 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 9,741 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total transaction of $165,012.54. Following the completion of the transaction, the insider directly owned 1,180,119 shares of the company’s stock, valued at approximately $19,991,215.86. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Remitly Global Stock Down 1.8%

Shares of RELY stock opened at $15.25 on Friday. The firm’s fifty day moving average price is $14.56 and its two-hundred day moving average price is $15.11. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.70. The firm has a market capitalization of $3.21 billion, a P/E ratio of 49.19 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The company had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RELY. California State Teachers Retirement System increased its holdings in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after acquiring an additional 679 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in Remitly Global by 29.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 714 shares during the last quarter. Main Management ETF Advisors LLC lifted its holdings in Remitly Global by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after purchasing an additional 984 shares during the last quarter. Xponance Inc. boosted its position in Remitly Global by 8.7% during the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,060 shares during the period. Finally, AlphaQuest LLC increased its holdings in shares of Remitly Global by 34.4% in the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 1,115 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on RELY. The Goldman Sachs Group raised their price target on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Wall Street Zen raised shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Citizens Jmp boosted their target price on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. Finally, Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $22.78.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.