Ankur Sinha Sells 7,596 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 7,596 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the sale, the insider owned 1,222,718 shares of the company’s stock, valued at $25,762,668.26. This trade represents a 0.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ankur Sinha also recently made the following trade(s):

• On Wednesday, March 11th, Ankur Sinha sold 9,741 shares of Remitly Global stock. The shares were sold at an average price of $16.94, for a total transaction of $165,012.54.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $20.00 on Friday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92. The company has a market capitalization of $4.21 billion, a P/E ratio of 40.82 and a beta of 0.40. The firm’s 50 day simple moving average is $19.46 and its two-hundred day simple moving average is $16.02.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RELY. Wall Street Zen downgraded shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Citizens Jmp lifted their price target on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $27.00 price target on shares of Remitly Global in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.63.

Hedge Funds Weigh In On Remitly Global

Several hedge funds have recently modified their holdings of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after buying an additional 3,870 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Remitly Global by 57.1% in the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after buying an additional 124,798 shares in the last quarter. Caxton Associates LLP purchased a new stake in Remitly Global during the first quarter valued at $218,000. Focus Partners Wealth purchased a new stake in Remitly Global during the first quarter valued at $1,458,000. Finally, Cetera Investment Advisers raised its stake in Remitly Global by 12.0% during the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,286 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

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.