Remitly Global, Inc. (NASDAQ:RELY) Insider Ankur Sinha Sells 1,112 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 1,112 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $20.50, for a total transaction of $22,796.00. Following the transaction, the insider now owns 326,576 shares in the company, valued at $6,694,808. This represents a 0.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Remitly Global Stock Performance

NASDAQ RELY opened at $21.04 on Monday. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.49. The company’s 50 day moving average is $15.88 and its two-hundred day moving average is $14.23.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the business earned ($0.20) EPS. The firm’s revenue was up 39.3% compared to the same quarter last year. Equities research analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Millennium Management LLC grew its holdings in Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after buying an additional 2,071,026 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Remitly Global by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after buying an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 13.8% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock valued at $47,578,000 after buying an additional 431,987 shares in the last quarter. Geode Capital Management LLC grew its holdings in Remitly Global by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after buying an additional 107,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Remitly Global by 25.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after buying an additional 435,827 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JMP Securities upped their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. Barclays increased their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. increased their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, BMO Capital Markets increased their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.75.

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.