Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $332,845.08 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,033 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $20.76, for a total value of $332,845.08. Following the transaction, the director owned 3,402,257 shares of the company’s stock, valued at approximately $70,630,855.32. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total transaction of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The shares were sold at an average price of $21.03, for a total transaction 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 transaction 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 transaction of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total transaction of $22,865.70.

Remitly Global Stock Performance

Remitly Global stock opened at $21.10 on Friday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92. The firm’s 50-day moving average is $20.68 and its 200-day moving average is $16.78. The company has a market cap of $4.44 billion, a P/E ratio of 43.06 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.05 EPS. As a group, sell-side analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Cantor Fitzgerald upped their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Freedom Capital raised Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Finally, Citigroup reiterated a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.62.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. boosted its position in Remitly Global by 48.2% during the fourth 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 during the last quarter. Marshall Wace LLP grew its stake in shares of 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 buying an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in Remitly Global by 46.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after buying an additional 1,748,576 shares during the last quarter. Finally, Bank of America Corp DE raised 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 acquiring an additional 4,252,294 shares in the last quarter. 74.25% of the stock is 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.