Remitly Global (NASDAQ:RELY) Shares Down 7.8% Following Insider Selling

Remitly Global, Inc. (NASDAQ:RELY) fell 7.8% during trading on Thursday after an insider sold shares in the company. The company traded as low as $15.46 and last traded at $15.6640. 2,348,079 shares were traded during trading, a decline of 39% from the average session volume of 3,864,936 shares. The stock had previously closed at $16.98.

Specifically, insider Ankur Sinha sold 9,741 shares of the business’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 sale, the insider directly owned 1,180,119 shares of the company’s stock, valued at approximately $19,991,215.86. The trade was a 0.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analysts Set New Price Targets

Several research firms recently commented on RELY. Cantor Fitzgerald raised their price target on shares of Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, February 19th. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. 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. JPMorgan Chase & Co. decreased their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $22.78.

Remitly Global Stock Down 1.8%

The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a market cap of $3.21 billion, a PE ratio of 49.19 and a beta of 0.06. The business’s 50-day simple moving average is $14.56 and its 200 day simple moving average is $15.13.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. During the same quarter in the prior year, the company earned ($0.03) EPS. The company’s revenue was up 25.7% compared to the same quarter last year. As a group, equities research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Hedge Funds Weigh In On Remitly Global

Large investors have recently bought and sold shares of the business. California State Teachers Retirement System boosted its position in 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 valued at $2,550,000 after acquiring an additional 679 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of 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 worth $50,000 after purchasing an additional 714 shares during the last quarter. Main Management ETF Advisors LLC lifted its stake in shares of 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 worth $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 valued at $217,000 after purchasing an additional 1,060 shares in the last quarter. Finally, AlphaQuest LLC boosted its position in Remitly Global by 34.4% during 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 in the last quarter. Institutional investors own 74.25% of the company’s stock.

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.