Ankur Sinha Sells 9,741 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ankur Sinha sold 9,741 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider owned 1,180,119 shares of the company’s stock, valued at approximately $19,991,215.86. This represents a 0.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Remitly Global Stock Performance

NASDAQ RELY traded down $1.45 during trading on Thursday, reaching $15.53. The company’s stock had a trading volume of 7,036,595 shares, compared to its average volume of 3,966,075. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.70. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 50.10 and a beta of 0.06. The business’s fifty day moving average price is $14.48 and its 200-day moving average price is $15.16. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its stake in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after buying an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its position in shares of Remitly Global by 46.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after acquiring an additional 1,748,576 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Remitly Global by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock worth $57,278,000 after acquiring an additional 67,700 shares during the period. 74.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on RELY shares. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Cantor Fitzgerald boosted their price objective on Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, February 19th. Oppenheimer set a $20.00 price target on Remitly Global in a research report on Thursday, February 19th. Finally, Citizens Jmp raised their price objective on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $22.78.

Remitly Global Company Profile

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.