Remitly Global, Inc. (NASDAQ:RELY) Insider Joshua Hug Sells 22,198 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Remitly Global Price Performance

RELY opened at $20.83 on Friday. The company’s 50 day moving average is $16.26 and its 200 day moving average is $14.36. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.09.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. The company’s revenue was up 39.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.20) EPS. Equities analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Monness Crespi & Hardt boosted their target price on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Barclays raised their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Finally, KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.75.

Institutional Trading of Remitly Global

Several hedge funds have recently bought and sold shares of RELY. American International Group Inc. lifted its position in shares of Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock valued at $1,391,000 after buying an additional 871 shares in the last quarter. Advisors Asset Management Inc. raised its stake in Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,344 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Remitly Global by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 86,164 shares of the financial services provider’s stock valued at $1,788,000 after purchasing an additional 5,596 shares in the last quarter. Quent Capital LLC bought a new position in shares of Remitly Global in the second quarter worth approximately $242,000. Finally, Simplicity Wealth LLC increased its stake in shares of Remitly Global by 11.7% in the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 1,228 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

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.