Remitly Global (NASDAQ:RELY) Stock Price Down 3.4% After Insider Selling

Shares of Remitly Global, Inc. (NASDAQ:RELY) were down 3.4% during trading on Tuesday following insider selling activity. The stock traded as low as $20.72 and last traded at $20.81. Approximately 912,622 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 2,050,300 shares. The stock had previously closed at $21.55.

Specifically, Director Joshua Hug sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the transaction, the director now directly owns 3,713,811 shares of the company’s stock, valued at $78,249,997.77. This trade represents a 0.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joshua Hug sold 60,777 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $21.22, for a total value of $1,289,687.94. Following the completion of the transaction, the director now directly owns 3,733,811 shares of the company’s stock, valued at $79,231,469.42. The trade was a 1.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CAO Luke Tavis sold 2,920 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,208 shares of the company’s stock, valued at $25,549.20. This trade represents a 70.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

Several equities analysts recently weighed in on RELY shares. KeyCorp raised their price objective on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. The Goldman Sachs Group raised their price objective on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. BMO Capital Markets raised their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. raised their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.88.

Remitly Global Price Performance

The firm has a 50-day simple moving average of $21.05 and a two-hundred day simple moving average of $21.99. The company has a market cap of $4.27 billion, a PE ratio of -110.32 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. The company 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%. Remitly Global’s revenue was up 34.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) earnings per share. Equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently made changes to their positions in the business. Townsquare Capital LLC boosted its holdings in shares of Remitly Global by 2.5% during the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 459 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Remitly Global by 4.8% during the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 518 shares during the last quarter. Comerica Bank boosted its holdings in shares of Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock worth $577,000 after purchasing an additional 534 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. boosted its holdings in shares of Remitly Global by 4.4% during the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $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.

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.