Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $59,625.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the sale, the director owned 41,576 shares of the company’s stock, valued at $550,882. This trade represents a 9.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $13.53 on Monday. The stock has a market capitalization of $2.83 billion, a P/E ratio of 150.34 and a beta of 0.11. The company has a 50-day moving average price of $14.96 and a 200-day moving average price of $17.66. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The firm’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.01 EPS. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Elequin Capital LP bought a new position in shares of Remitly Global during the 1st quarter valued at approximately $30,000. Essex Investment Management Co. LLC purchased a new position in Remitly Global in the third quarter valued at approximately $33,000. First Horizon Corp bought a new position in Remitly Global during the third quarter valued at $36,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Remitly Global in the first quarter worth $41,000. Finally, Quarry LP bought a new stake in shares of Remitly Global in the third quarter valued at $42,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RELY. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. KeyCorp restated an “overweight” rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Monness Crespi & Hardt lowered their target price on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Remitly Global in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.88.

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.