Remitly Global (NASDAQ:RELY) Trading 3.4% Higher – Here’s What Happened

Shares of Remitly Global, Inc. (NASDAQ:RELY) shot up 3.4% during trading on Tuesday . The stock traded as high as $17.55 and last traded at $17.51. 1,080,011 shares were traded during trading, a decline of 73% from the average session volume of 3,940,899 shares. The stock had previously closed at $16.93.

Wall Street Analyst Weigh In

RELY has been the subject of a number of recent analyst reports. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. JPMorgan Chase & Co. lowered their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Bank of America started coverage on shares of Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective for the company. The Goldman Sachs Group raised their target price on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Finally, Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Remitly Global presently has an average rating of “Buy” and a consensus target price of $22.78.

Remitly Global Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock has a market cap of $3.66 billion, a P/E ratio of 56.03 and a beta of 0.06. The business’s 50-day moving average price is $14.19 and its 200-day moving average price is $15.23.

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

Insider Activity

In other news, insider Pankaj Sharma sold 3,000 shares of the business’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $16.35, for a total value of $49,050.00. Following the transaction, the insider owned 215,830 shares of the company’s stock, valued at approximately $3,528,820.50. The trade was a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of Remitly Global stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total transaction of $58,005.00. Following the completion of the sale, the director owned 32,576 shares in the company, valued at approximately $419,904.64. This represents a 12.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,500 shares of company stock valued at $179,455 in the last quarter. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Several hedge funds have recently made changes to their positions in RELY. Virtu Financial LLC bought a new stake in Remitly Global during the fourth quarter worth approximately $268,000. Corient Private Wealth LLC increased its position in shares of Remitly Global by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider’s stock valued at $2,843,000 after purchasing an additional 8,300 shares during the last quarter. Creek Drive Management Group LLC purchased a new stake in Remitly Global during the 4th quarter valued at $2,036,000. Mercer Global Advisors Inc. ADV lifted its position in Remitly Global by 102.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider’s stock worth $7,767,000 after buying an additional 284,713 shares during the last quarter. Finally, Vident Advisory LLC lifted its position in Remitly Global by 25.0% in the fourth quarter. Vident Advisory LLC now owns 86,038 shares of the financial services provider’s stock worth $1,187,000 after buying an additional 17,206 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.