Remitly Global (NASDAQ:RELY) Director Sells $281,490.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 11,000 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $25.59, for a total value of $281,490.00. Following the transaction, the director owned 1,871,056 shares of the company’s stock, valued at approximately $47,880,323.04. The trade was a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Remitly Global Stock Down 1.5%

NASDAQ:RELY opened at $25.06 on Thursday. The business’s 50-day moving average price is $23.15 and its two-hundred day moving average price is $19.74. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15. The stock has a market cap of $5.30 billion, a P/E ratio of 18.03 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter last year, the company posted $0.03 EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Citizens Jmp increased their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a 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. Wolfe Research reiterated an “outperform” rating and issued a $31.00 target price on shares of Remitly Global in a research report on Thursday, August 6th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $27.67.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Remitly Global during the second quarter valued at approximately $410,752,000. Marshall Wace LLP increased its stake in shares of Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after buying an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings 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 buying an additional 2,567,446 shares during the last quarter. Bank of America Corp DE raised its holdings in 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 valued at $80,759,000 after buying an additional 4,252,294 shares during the last quarter. Finally, Generation Investment Management LLP purchased a new stake in Remitly Global during the 2nd quarter valued at $109,637,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.