Remitly Global (NASDAQ:RELY) Director Sells $855,792.87 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 34,383 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $24.89, for a total transaction of $855,792.87. Following the completion of the sale, the director directly owned 3,482,320 shares in the company, valued at $86,674,944.80. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were 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 shares were 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 shares were sold at an average price of $15.99, for a total transaction of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Price Performance

NASDAQ RELY traded down $0.11 on Wednesday, reaching $23.75. 30,905,979 shares of the company’s stock traded hands, compared to its average volume of 4,179,570. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.92. The stock has a 50-day simple moving average of $18.27 and a 200 day simple moving average of $15.54. The stock has a market cap of $5.00 billion, a PE ratio of 48.47 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same period last year, the business earned $0.05 earnings per share. The business’s quarterly revenue was up 25.2% on a year-over-year basis. As a group, analysts anticipate that Remitly Global, Inc. will post 0.67 EPS for the current year.

Institutional Trading of Remitly Global

Institutional investors have recently made changes to their positions in the stock. Torren Management LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new stake in Remitly Global in the first quarter worth $26,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global in the fourth quarter worth $28,000. GAMMA Investing LLC lifted its stake in Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new stake in Remitly Global in the third quarter worth $33,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, May 7th. Cantor Fitzgerald increased their price target on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.63.

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.