Remitly Global (NASDAQ:RELY) Director Sells $130,075.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of Remitly Global stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total value of $130,075.00. Following the sale, the director directly owned 2,675,389 shares of the company’s stock, valued at approximately $63,272,949.85. The trade was a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were sold at an average price of $22.97, for a total value of $385,896.00.
• On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The stock was sold at an average price of $20.76, for a total value of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The stock was sold at an average price of $20.10, for a total value of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The shares were sold at an average price of $20.00, for a total transaction of $9,520.00.

Remitly Global Stock Performance

Shares of RELY stock traded up $1.39 on Thursday, hitting $25.62. The company’s stock had a trading volume of 3,241,727 shares, 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 has a market capitalization of $5.42 billion, a PE ratio of 18.43 and a beta of 0.34. The stock’s 50 day moving average is $22.44 and its 200-day moving average is $19.32.

Remitly Global (NASDAQ:RELY) last issued 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. The business had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.03 EPS. On average, research analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RELY. Cantor Fitzgerald boosted their price target on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday. KeyCorp raised their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Citizens Jmp upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $27.67.

Institutional Trading of Remitly Global

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Remitly Global by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 3,870 shares in the last quarter. Millennium Management LLC increased its stake 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 purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of Remitly Global during the 1st quarter worth $218,000. Focus Partners Wealth bought a new stake in shares of Remitly Global during the 1st quarter worth $1,458,000. Finally, Cetera Investment Advisers lifted its position in shares of Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,286 shares during 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.