Remitly Global (NASDAQ:RELY) Director Sells $524,000.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 20,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $26.20, for a total value of $524,000.00. Following the sale, the director directly owned 1,851,056 shares of the company’s stock, valued at $48,497,667.20. This represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Stock Performance

Shares of RELY opened at $25.06 on Thursday. The stock has a fifty day moving average price of $23.15 and a two-hundred day moving average price of $19.74. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 18.03 and a beta of 0.34.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Remitly Global by 89.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 640,945 shares of the financial services provider’s stock valued at $14,364,000 after purchasing an additional 302,336 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Remitly Global during the 2nd quarter worth about $840,000. Corient Private Wealth LP bought a new stake in shares of Remitly Global in the 2nd quarter valued at about $4,445,000. Bank of America Corp DE bought a new stake in shares of Remitly Global in the 2nd quarter valued at about $27,757,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of Remitly Global in the 2nd quarter valued at approximately $10,577,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. 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. KeyCorp increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note 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. Cantor Fitzgerald boosted their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of “Buy” and a consensus target price of $27.67.

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.