Remitly Global (NASDAQ:RELY) Director Sells $385,896.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,800 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the completion of the transaction, the director directly owned 3,385,457 shares of the company’s stock, valued at $77,763,947.29. This trade represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 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 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 shares were 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 shares were 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 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 stock was 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.

Remitly Global Trading Down 1.7%

RELY traded down $0.38 on Tuesday, reaching $22.41. The company had a trading volume of 3,294,892 shares, compared to its average volume of 4,262,042. The company has a market capitalization of $4.72 billion, a P/E ratio of 45.73 and a beta of 0.37. The company has a fifty day moving average of $21.12 and a 200-day moving average of $17.14. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92.

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, topping analysts’ consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. Remitly Global’s revenue was up 25.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. Research analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Torren Management LLC bought a new stake in shares of Remitly Global during the 4th quarter worth $25,000. Summit Securities Group LLC acquired a new stake in shares of Remitly Global during the first quarter worth $26,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the fourth quarter valued at $28,000. GAMMA Investing LLC lifted its holdings in shares of Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares during the last quarter. Finally, HighMark Wealth Management LLC acquired a new position in shares of Remitly Global in the 4th quarter valued at $35,000. Institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RELY shares. Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Citizens Jmp upped their price objective on Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Monness Crespi & Hardt raised their target price on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, KeyCorp raised their target price on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus target price of $24.62.

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.