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

Remitly Global, Inc. (NASDAQ:RELY) insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Remitly Global Trading Up 0.1 %

Shares of RELY stock opened at $20.83 on Friday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $22.09. The business’s 50 day moving average price is $16.26 and its 200-day moving average price is $14.36.

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

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. grew its holdings in shares of 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. Blue Trust Inc. bought a new position in shares of Remitly Global during the second quarter valued at approximately $43,000. Assetmark Inc. purchased a new position in shares of Remitly Global during the third quarter valued at approximately $76,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC grew its stake in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after buying an additional 8,700 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on RELY shares. JMP Securities lifted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Barclays lifted their target price on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Monness Crespi & Hardt upped their price target on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. BMO Capital Markets lifted their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Finally, KeyCorp raised their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.