Remitly Global (NASDAQ:RELY) Shares Down 7.4% After Insider Selling

Shares of Remitly Global, Inc. (NASDAQ:RELY) dropped 7.4% during mid-day trading on Thursday following insider selling activity. The company traded as low as $22.41 and last traded at $22.2970. Approximately 2,637,619 shares were traded during trading, a decline of 33% from the average daily volume of 3,938,844 shares. The stock had previously closed at $24.07.

Specifically, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $25.03, for a total value of $137,665.00. Following the completion of the sale, the director owned 2,664,389 shares in the company, valued at approximately $66,689,656.67. The trade was a 0.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel Morris sold 6,300 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total value of $170,289.00. Following the completion of the transaction, the director directly 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 SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

RELY has been the subject of several research reports. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Wolfe Research upped their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Cantor Fitzgerald increased their target price on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. KeyCorp raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $27.78.

Remitly Global Stock Performance

The firm’s 50 day moving average is $24.57 and its 200 day moving average is $21.12. The stock has a market cap of $4.65 billion, a P/E ratio of 15.82 and a beta of 0.36.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. The company 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 revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $0.03 earnings per share. As a group, analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc raised its stake in Remitly Global by 59.1% in the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after buying an additional 527 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Remitly Global during the first quarter worth about $26,000. Nykredit A S purchased a new stake in shares of Remitly Global during the second quarter worth about $40,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global during the fourth quarter valued at about $28,000. Finally, GAMMA Investing LLC increased its holdings in shares of Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 677 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.