Remitly Global (NASDAQ:RELY) Director Sells $444,906.56 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 16,751 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $26.56, for a total transaction of $444,906.56. Following the sale, the director directly owned 1,811,056 shares in the company, valued at $48,101,647.36. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Remitly Global Price Performance

RELY stock opened at $26.55 on Friday. The company has a 50 day moving average price of $23.99 and a 200 day moving average price of $20.34. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The stock has a market capitalization of $5.62 billion, a PE ratio of 19.10 and a beta of 0.34.

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

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RELY. GAMMA Investing LLC lifted its stake in Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after buying an additional 677 shares during the period. California State Teachers Retirement System grew its position in shares of 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 buying an additional 679 shares during the period. Main Management ETF Advisors LLC grew its position in shares of Remitly Global by 1.0% during the 4th 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 during the period. Empowered Funds LLC increased its stake in shares of Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after acquiring an additional 1,050 shares during the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of Remitly Global by 8.4% in the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 1,184 shares during the period. Institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RELY shares. Citizens Jmp raised their price target on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald lifted their price target on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $27.78.

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.