Remitly Global (NASDAQ:RELY) Director Sells $22,865.70 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 1,430 shares of Remitly Global stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $15.99, for a total transaction of $22,865.70. Following the completion of the transaction, the director directly owned 3,574,303 shares of the company’s stock, valued at approximately $57,153,104.97. This trade represents a 0.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Stock Performance

Shares of RELY traded down $0.19 during midday trading on Tuesday, reaching $16.02. The stock had a trading volume of 1,851,293 shares, compared to its average volume of 3,659,661. The firm has a 50 day simple moving average of $15.21 and a 200-day simple moving average of $14.77. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70. The firm has a market cap of $3.37 billion, a PE ratio of 51.68, a P/E/G ratio of 0.57 and a beta of 0.09. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The company had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. Remitly Global’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) EPS. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RELY shares. The Goldman Sachs Group raised their target price on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Remitly Global has an average rating of “Buy” and a consensus price target of $22.78.

Institutional Trading of Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after purchasing an additional 3,870 shares in the last quarter. Millennium Management LLC raised its position in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after buying an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Remitly Global in the 1st quarter valued at approximately $218,000. Focus Partners Wealth acquired a new position in shares of Remitly Global in the 1st quarter valued at approximately $1,458,000. Finally, Cetera Investment Advisers raised its position in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after buying an additional 1,286 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.