Nigel Morris Sells 20,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 20,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $26.20, for a total transaction of $524,000.00. Following the transaction, the director directly owned 1,851,056 shares of the company’s stock, valued at $48,497,667.20. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $25.44 on Wednesday. The company has a market cap of $5.39 billion, a P/E ratio of 18.30 and a beta of 0.34. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The firm’s fifty day moving average is $23.01 and its two-hundred day moving average is $19.66.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on RELY. The Goldman Sachs Group raised their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Citizens Jmp increased their target price on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating 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 report on Thursday, August 6th. Finally, Wolfe Research restated an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a research report on Thursday, August 6th. 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 company’s stock. Based on data from MarketBeat.com, Remitly Global has an average rating of “Buy” and a consensus price target of $27.67.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pekin Hardy Strauss Inc. boosted its holdings in Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after acquiring an additional 104,716 shares during the period. GSA Capital Partners LLP increased its stake in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after purchasing an additional 338,244 shares during the period. State of Wyoming bought a new stake in shares of Remitly Global during the second quarter worth $935,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Remitly Global by 44.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after purchasing an additional 292,991 shares during the last quarter. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at $8,852,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

More Remitly Global News

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

• Positive Sentiment: Zacks upgraded RELY to Rank #1, or “Strong Buy.” The upgrade reflects growing optimism about Remitly’s earnings outlook and may support continued buying interest. Zacks Strong Buy upgrade
• Positive Sentiment: Upward earnings-estimate revisions are signaling potential near-term upside. Zacks identified RELY as a fundamentally strong stock with improving expectations and recent price strength. Earnings estimate revisions
• Positive Sentiment: RELY appeared on several Zacks relative-strength, momentum and Strong Buy lists. This additional visibility could attract momentum-focused investors. Zacks relative-strength list
• Positive Sentiment: Fundamentals remain supportive. Remitly’s latest quarter delivered 20.2% year-over-year revenue growth, $495.16 million in revenue and $0.93 in earnings per share, well above the $0.12 consensus estimate. Analysts retain a “Moderate Buy” consensus, with an average price target of $27.67.
• Neutral Sentiment: The stock is trading near its 52-week high, indicating strong momentum but also leaving less room for error if expectations weaken.
• Negative Sentiment: Director Nigel Morris sold 31,000 shares for approximately $805,490. The transactions reduced his holdings by about 1.65%, though he still owns more than 1.85 million shares. Continued insider selling could temper bullish sentiment. SEC insider transaction filing

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.