Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 16,033 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,033 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $20.76, for a total value of $332,845.08. Following the sale, the director directly owned 3,402,257 shares in the company, valued at approximately $70,630,855.32. This represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The stock was sold at an average price of $20.10, for a total value of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The stock was sold at an average price of $21.03, for a total value of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total value of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $21.56, for a total value of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was sold at an average price of $17.88, for a total value of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total value of $22,865.70.

Remitly Global Trading Up 0.3%

Shares of NASDAQ:RELY traded up $0.07 during trading on Wednesday, hitting $20.43. 6,931,803 shares of the company were exchanged, compared to its average volume of 4,009,469. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of 41.69 and a beta of 0.37. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The firm has a fifty day moving average price of $20.49 and a two-hundred day moving average price of $16.69.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same period in the previous year, the company posted $0.05 EPS. The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year. As a group, research analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current year.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Empowered Funds LLC grew its position in shares of Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after buying an additional 1,050 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Remitly Global by 124.2% in the 1st quarter. Parallel Advisors LLC now owns 15,540 shares of the financial services provider’s stock valued at $244,000 after buying an additional 8,609 shares during the last quarter. Essential Partners LLC grew its position in shares of Remitly Global by 181.8% in the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock valued at $51,000 after buying an additional 2,116 shares during the last quarter. Bank of America Corp DE grew its position in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after buying an additional 4,252,294 shares during the last quarter. Finally, Amundi bought a new stake in shares of Remitly Global in the 1st quarter valued at about $293,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the subject of several analyst reports. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Remitly Global in a report on Thursday, May 7th. Cantor Fitzgerald lifted their price objective on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Oppenheimer set a $20.00 price objective on Remitly Global in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.