Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 29,049 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 29,049 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02. Following the completion of the sale, the director owned 3,575,733 shares of the company’s stock, valued at $64,291,679.34. This trade represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Remitly Global Price Performance

Shares of NASDAQ:RELY traded down $0.04 during midday trading on Thursday, hitting $17.33. The company’s stock had a trading volume of 2,474,969 shares, compared to its average volume of 3,996,016. The company has a market cap of $3.65 billion, a P/E ratio of 55.90 and a beta of 0.06. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.70. The business’s 50 day simple moving average is $14.19 and its 200 day simple moving average is $15.23. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. During the same quarter in the prior year, the company earned ($0.03) EPS. Remitly Global’s revenue was up 25.7% compared to the same quarter last year. On average, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. lifted its position in Remitly Global by 48.2% in 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 buying an additional 3,790,210 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares during the period. Marshall Wace LLP lifted its holdings in shares of Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after acquiring an additional 1,962,076 shares during the last quarter. Norges Bank acquired a new position in shares of Remitly Global in the 2nd quarter worth approximately $36,619,000. Finally, Azora Capital LP purchased a new position in shares of Remitly Global during the 3rd quarter worth approximately $31,213,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on RELY shares. Monness Crespi & Hardt reduced their price objective on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Citizens Jmp boosted their price target on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, The Goldman Sachs Group lifted their target price on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $22.78.

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.