Nigel Morris Sells 3,249 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 3,249 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total value of $86,195.97. Following the completion of the transaction, the director owned 1,827,807 shares of the company’s stock, valued at approximately $48,491,719.71. This represents a 0.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Remitly Global Stock Down 1.4%

RELY opened at $24.71 on Friday. The firm has a market capitalization of $5.23 billion, a P/E ratio of 17.78 and a beta of 0.34. The firm’s 50 day moving average is $23.27 and its 200-day moving average is $19.82. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same period in the prior year, the firm earned $0.03 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Torren Management LLC acquired a new position in Remitly Global in the fourth quarter worth $25,000. Summit Securities Group LLC acquired a new stake in shares of Remitly Global during the first quarter worth $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the 4th quarter worth about $28,000. HighMark Wealth Management LLC bought a new position in shares of Remitly Global in the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after buying an additional 1,545 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RELY. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Citizens Jmp raised their price objective 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. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. The Goldman Sachs Group upped their target price on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $27.67.

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.