Remitly Global (NASDAQ:RELY) Stock: Insider Ryno Blignaut Sells 5,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Ryno Blignaut sold 5,000 shares of the stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $23.75, for a total value of $118,750.00. Following the completion of the transaction, the director directly owned 63,269 shares in the company, valued at approximately $1,502,638.75. This represents a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Remitly Global Price Performance

NASDAQ RELY traded down $0.24 during trading hours on Friday, reaching $22.55. 2,284,339 shares of the stock traded hands, compared to its average volume of 3,297,140. The stock has a 50 day simple moving average of $23.25 and a two-hundred day simple moving average of $20.93. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $28.00. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 13.67 and a beta of 0.46.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.15. Remitly Global had a return on equity of 35.56% and a net margin of 19.14%. The firm had revenue of $509.84 million during the quarter, compared to analyst estimates of $507.31 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s revenue was up 21.5% compared to the same quarter last year. On average, sell-side analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently added to or reduced their stakes in RELY. BlackRock Inc. bought a new stake in Remitly Global in the second quarter worth $410,752,000. Generation Investment Management LLP purchased a new stake in Remitly Global during the second quarter valued at about $109,637,000. Bank of America Corp DE boosted its position in Remitly Global by 471.7% during the first 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 buying an additional 4,252,294 shares during the period. Lead Edge Capital Management LLC bought a new position in shares of Remitly Global during the second quarter valued at about $60,232,971. Finally, Assenagon Asset Management S.A. bought a new position in shares of Remitly Global during the third quarter valued at about $31,985,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RELY. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Remitly Global in a report on Monday, November 9th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Wolfe Research increased their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Finally, Weiss Ratings cut shares of Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $27.78.

Remitly Global Company Profile

Remitly Global, Inc. operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination. The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.