Remitly Global (NASDAQ:RELY) Director Phillip John Riese Sells 69,818 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 69,818 shares of Remitly Global stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total value of $1,643,515.72. Following the transaction, the director owned 261,094 shares in the company, valued at $6,146,152.76. This represents a 21.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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 value of $2,373,000.00.
• On Friday, August 7th, Phillip John Riese sold 160,182 shares of Remitly Global stock. The stock was sold at an average price of $24.94, for a total value of $3,994,939.08.

Remitly Global Trading Up 5.7%

NASDAQ RELY traded up $1.39 during trading on Thursday, reaching $25.62. 3,241,725 shares of the company’s stock were exchanged, compared to its average volume of 4,016,890. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The company’s fifty day simple moving average is $22.44 and its 200-day simple moving average is $19.32. The firm has a market capitalization of $5.42 billion, a PE ratio of 18.43 and a beta of 0.34.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. KeyCorp increased their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. The Goldman Sachs Group increased their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Hedge Funds Weigh In On Remitly Global

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