Bora Chung Sells 12,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung sold 12,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the transaction, the director owned 125,317 shares in the company, valued at approximately $2,684,290.14. The trade was a 8.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Remitly Global Price Performance

NASDAQ:RELY opened at $21.58 on Friday. The firm’s fifty day moving average price is $19.06 and its two-hundred day moving average price is $15.85. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The company has a market cap of $4.54 billion, a P/E ratio of 44.04 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $438.94 million. During the same period in the prior year, the company posted $0.05 earnings per share. Remitly Global’s revenue was up 25.2% compared to the same quarter last year. As a group, equities research analysts expect that Remitly Global, Inc. will post 0.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RELY. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, May 7th. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Citizens Jmp raised their price objective on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Remitly Global in a report on Wednesday. Finally, Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.63.

Institutional Trading of Remitly Global

Several hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. grew its position in Remitly Global by 48.2% in the 4th 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 period. Marshall Wace LLP lifted its stake in Remitly Global by 30.4% during 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 acquiring an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Remitly Global by 86.0% during 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 in the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of Remitly Global by 46.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after purchasing an additional 1,748,576 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.