Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 5,500 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of Remitly Global stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $25.03, for a total transaction of $137,665.00. Following the completion of the transaction, the director directly owned 2,664,389 shares in the company, valued at $66,689,656.67. This represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The shares were sold at an average price of $23.65, for a total value of $130,075.00.
• On Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $22.97, for a total value of $385,896.00.
• On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The shares were sold at an average price of $20.76, for a total value of $332,845.08.
• 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 value of $170,850.00.

Remitly Global Price Performance

NASDAQ RELY traded down $2.14 during trading on Thursday, hitting $21.93. The company’s stock had a trading volume of 6,934,802 shares, compared to its average volume of 3,965,753. The company has a market cap of $4.64 billion, a PE ratio of 15.78 and a beta of 0.36. The business’s 50 day simple moving average is $24.64 and its 200-day simple moving average is $21.08. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.48.

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, beating 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 net margin of 16.85% and a return on equity of 33.33%. The company’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 company posted $0.03 earnings per share. Analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. IFP Advisors Inc boosted its holdings in shares of Remitly Global by 59.1% during the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 527 shares during the last quarter. Allworth Financial LP lifted its position in Remitly Global by 12.5% during the second quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock worth $109,000 after buying an additional 540 shares in the last quarter. Arizona State Retirement System lifted its position in Remitly Global by 1.2% during the second quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider’s stock worth $1,107,000 after buying an additional 600 shares in the last quarter. GAMMA Investing LLC boosted its stake in Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after buying an additional 677 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after buying an additional 679 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. KeyCorp raised their target price on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Wolfe Research lifted their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two investment 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $27.78.

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.