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

Remitly Global, Inc. (NASDAQ:RELY) was down 3.4% on Tuesday following insider selling activity. The stock traded as low as $20.72 and last traded at $20.81. Approximately 912,622 shares traded hands during 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 dated Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joshua Hug sold 60,777 shares of the firm’s stock in a transaction dated 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 in the company, valued at $79,231,469.42. This trade represents a 1.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Remitly Global news, CAO Luke Tavis sold 2,920 shares of the firm’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.15, for a total value of $61,758.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RELY shares. BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Monness Crespi & Hardt boosted their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, May 8th. The Goldman Sachs Group lifted their target price on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Barclays boosted their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.88.

Remitly Global Stock Down 2.7%

The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of -110.32 and a beta of 0.16. The business has a 50-day simple moving average of $21.05 and a two-hundred day simple moving average of $21.99.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) earnings per share. On average, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in Remitly Global in the fourth quarter worth approximately $28,000. Elequin Capital LP acquired a new stake in Remitly Global in the first quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Remitly Global in the first quarter worth approximately $41,000. Exchange Traded Concepts LLC acquired a new stake in Remitly Global in the first quarter worth approximately $46,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Remitly Global in the first quarter worth approximately $66,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.