Remitly Global (NASDAQ:RELY) Director Phillip John Riese Sells 160,182 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 160,182 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the sale, the director directly owned 361,094 shares in the company, valued at $9,005,684.36. This trade represents a 30.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Phillip John Riese also recently made the following trade(s):

• On Tuesday, August 11th, Phillip John Riese sold 100,000 shares of Remitly Global stock. The stock was sold at an average price of $23.73, for a total transaction of $2,373,000.00.

Remitly Global Stock Performance

NASDAQ RELY opened at $23.61 on Wednesday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15. The company has a 50-day simple moving average of $22.35 and a 200-day simple moving average of $19.25. The firm has a market capitalization of $5.00 billion, a PE ratio of 16.99 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. Remitly Global’s quarterly revenue was up 20.2% on a year-over-year basis. Equities analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RELY shares. KeyCorp boosted their price objective on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. 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. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.

Institutional Trading of Remitly Global

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Remitly Global in the second quarter worth $410,752,000. Baillie Gifford & Co. increased its holdings in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the period. Marshall Wace LLP raised its stake in shares of Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after purchasing an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target for Remitly Global from $28 to $30 and maintained an “overweight” rating, implying substantial potential upside. The upgrade reflects confidence in the company’s growth prospects and remittance-business initiatives. StreetInsider analyst price-target article
• Positive Sentiment: A recent management discussion highlighted key initiatives, remittance-business performance and potential growth accelerators. While the transcript did not provide a new financial forecast in the supplied report, the focus on expansion and operating execution may reinforce the constructive investor outlook. Remitly Global initiatives and growth transcript
• Neutral Sentiment: Reported short interest was listed at zero shares, with a zero-day short-interest ratio. Because the figures show no measurable short position and the reported percentage change is not meaningful, this data offers little directional information for RELY.
• Negative Sentiment: Director Phillip John Riese sold 100,000 shares on August 11 at an average price of $23.73, reducing his direct ownership by 27.69%. The sale follows his disposal of 160,182 shares on August 7, representing a combined transaction value of approximately $6.37 million and potentially signaling profit-taking or reduced insider exposure. SEC insider transaction filing
• Negative Sentiment: Director Nigel W. Morris sold 8,938 shares at an average price of $25.43. The sale reduced his direct stake by only 0.47%, making it less significant than Riese’s transactions, but it adds to the recent pattern of insider selling. SEC insider transaction filing

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.