Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 8,500 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 8,500 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $20.10, for a total value of $170,850.00. Following the transaction, the director directly owned 3,418,290 shares in the company, valued at $68,707,629. This represents a 0.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The stock was sold at an average price of $20.76, for a total value of $332,845.08.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The stock was sold at an average price of $21.03, for a total value of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total value of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $21.56, for a total value of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was sold at an average price of $17.88, for a total value of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The shares were sold at an average price of $15.99, for a total value of $22,865.70.

Remitly Global Trading Up 0.3%

Shares of NASDAQ:RELY traded up $0.07 during midday trading on Wednesday, hitting $20.43. 6,931,803 shares of the stock were exchanged, compared to its average volume of 4,009,469. The stock has a market cap of $4.30 billion, a P/E ratio of 41.69 and a beta of 0.37. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92. The company has a 50 day moving average price of $20.49 and a 200-day moving average price of $16.69.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same period in the previous year, the firm earned $0.05 EPS. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. On average, equities research analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Citigroup reiterated a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. KeyCorp boosted their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Cantor Fitzgerald upped their price objective on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, Monness Crespi & Hardt increased their price objective on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.63.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its holdings in Remitly Global by 48.2% in the 4th 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 lifted its holdings in Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after purchasing an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after purchasing an additional 1,748,576 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares in 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.