Nigel Morris Sells 20,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 20,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.26, for a total transaction of $525,200.00. Following the sale, the director owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. This trade represents a 1.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Remitly Global Trading Down 1.5%

NASDAQ RELY traded down $0.38 during trading hours on Wednesday, reaching $25.06. The company’s stock had a trading volume of 2,289,764 shares, compared to its average volume of 3,982,239. The business has a 50-day simple moving average of $23.01 and a 200 day simple moving average of $19.66. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.15. The stock has a market cap of $5.30 billion, a PE ratio of 18.03 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business’s revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.03 earnings per share. As a group, equities analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RELY. KeyCorp increased their target price on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Citizens Jmp upped their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Remitly Global presently has a consensus rating of “Buy” and an average price target of $27.67.

Institutional Trading of Remitly Global

Several large investors have recently added to or reduced their stakes in the business. Torren Management LLC bought a new stake in Remitly Global during the 4th quarter valued at $25,000. Summit Securities Group LLC acquired a new position in shares of Remitly Global during the first quarter valued at $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global during the fourth quarter valued at $28,000. HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the fourth quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,545 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.