Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $170,289.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 6,300 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total value of $170,289.00. Following the transaction, the director owned 1,804,756 shares in the company, valued at approximately $48,782,554.68. This trade represents a 0.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Price Performance

NASDAQ:RELY opened at $26.17 on Monday. The company’s 50 day moving average is $24.50 and its 200-day moving average is $20.86. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.48. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 18.83 and a beta of 0.36.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) 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 the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. Remitly Global’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 EPS. Research analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Cantor Fitzgerald raised their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Citizens Jmp upped their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Two equities 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 MarketBeat.com, Remitly Global has a consensus rating of “Buy” and an average target price of $27.78.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RELY. GSA Capital Partners LLP raised its holdings in Remitly Global by 1,484.2% in the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after acquiring an additional 338,244 shares in the last quarter. State of Wyoming acquired a new stake in shares of Remitly Global during the 2nd quarter worth approximately $935,000. First Eagle Investment Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $8,852,000. California State Teachers Retirement System increased its position in shares of Remitly Global by 24.7% during the first quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock valued at $3,266,000 after purchasing an additional 41,221 shares during the period. Finally, Quantinno Capital Management LP increased its position in shares of Remitly Global by 76.7% during the first quarter. Quantinno Capital Management LP now owns 119,963 shares of the financial services provider’s stock valued at $1,880,000 after purchasing an additional 52,072 shares during the period. 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.