Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 16,800 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,800 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $21.56, for a total transaction of $362,208.00. Following the sale, the director directly owned 3,533,503 shares of the company’s stock, valued at $76,182,324.68. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joshua Hug also recently made the following trade(s):

• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The shares were sold at an average price of $17.88, for a total transaction of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total transaction of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Price Performance

NASDAQ RELY traded up $0.90 during trading hours on Friday, hitting $22.79. 2,911,984 shares of the company’s stock traded hands, compared to its average volume of 3,620,112. The company has a market capitalization of $4.79 billion, a PE ratio of 73.52, a PEG ratio of 0.78 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. The firm’s 50-day moving average is $17.41 and its 200-day moving average is $15.20.

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, topping analysts’ consensus estimates of $0.02 by $0.17. The business had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The business’s revenue was up 25.7% on a year-over-year basis. During the same period last year, the company posted ($0.03) EPS. Equities analysts forecast that Remitly Global, Inc. will post 0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RELY. California State Teachers Retirement System increased its holdings in Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after buying an additional 714 shares during the period. Main Management ETF Advisors LLC grew its position in shares of Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after buying an additional 984 shares in the last quarter. Xponance Inc. grew its position in shares of Remitly Global by 8.7% during the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after buying an additional 1,060 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in shares of Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after buying an additional 1,115 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RELY has been the topic of a number of recent research reports. Wall Street Zen lowered Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Oppenheimer set a $20.00 price target on Remitly Global in a report on Thursday, February 19th. Citizens Jmp boosted their price target on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. Finally, Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.67.

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.