Remitly Global (NASDAQ:RELY) Director Phillip John Riese Sells 100,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.73, for a total value of $2,373,000.00. Following the sale, the director owned 261,094 shares of the company’s stock, valued at $6,195,760.62. This trade represents a 27.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Phillip John Riese also recently made the following trade(s):

• On Friday, August 7th, Phillip John Riese sold 160,182 shares of Remitly Global stock. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08.

Remitly Global Price Performance

NASDAQ:RELY opened at $23.61 on Wednesday. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 16.99 and a beta of 0.34. The firm’s fifty day moving average price is $22.35 and its 200 day moving average price is $19.25. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the prior year, the firm earned $0.03 EPS. Remitly Global’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RELY shares. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Cantor Fitzgerald raised their price target on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday. Citizens Jmp lifted their price target on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Finally, KeyCorp upped their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and an average price target of $27.67.

Trending Headlines about Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target for Remitly Global from $28 to $30 and maintained an “overweight” rating, implying substantial potential upside. The upgrade reflects confidence in the company’s growth prospects and remittance-business initiatives. StreetInsider analyst price-target article
• Positive Sentiment: A recent management discussion highlighted key initiatives, remittance-business performance and potential growth accelerators. While the transcript did not provide a new financial forecast in the supplied report, the focus on expansion and operating execution may reinforce the constructive investor outlook. Remitly Global initiatives and growth transcript
• Neutral Sentiment: Reported short interest was listed at zero shares, with a zero-day short-interest ratio. Because the figures show no measurable short position and the reported percentage change is not meaningful, this data offers little directional information for RELY.
• Negative Sentiment: Director Phillip John Riese sold 100,000 shares on August 11 at an average price of $23.73, reducing his direct ownership by 27.69%. The sale follows his disposal of 160,182 shares on August 7, representing a combined transaction value of approximately $6.37 million and potentially signaling profit-taking or reduced insider exposure. SEC insider transaction filing
• Negative Sentiment: Director Nigel W. Morris sold 8,938 shares at an average price of $25.43. The sale reduced his direct stake by only 0.47%, making it less significant than Riese’s transactions, but it adds to the recent pattern of insider selling. SEC insider transaction filing

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new position in Remitly Global in the first quarter valued at about $26,000. Torren Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter valued at approximately $25,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the 4th quarter worth approximately $28,000. GAMMA Investing LLC boosted its stake in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 677 shares in the last quarter. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global in the 4th quarter worth approximately $35,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Company Profile

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.