Joshua Hug Sells 29,049 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 29,049 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total value of $522,301.02. Following the completion of the transaction, the director directly owned 3,575,733 shares of the company’s stock, valued at approximately $64,291,679.34. This trade represents a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Stock Performance

RELY stock traded down $0.04 during trading on Thursday, hitting $17.33. 2,474,969 shares of the company traded hands, compared to its average volume of 3,996,016. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.70. The company has a market cap of $3.65 billion, a PE ratio of 55.90 and a beta of 0.06. The stock’s 50-day simple moving average is $14.19 and its 200 day simple moving average is $15.23. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.02 by $0.17. The business had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) EPS. On average, equities analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RELY. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Citizens Jmp upped their price target on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Cantor Fitzgerald raised their price objective on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, February 19th. Finally, JPMorgan Chase & Co. reduced their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $22.78.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently bought and sold shares of the company. Torren Management LLC acquired a new position in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global during the third quarter worth approximately $33,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the fourth quarter worth approximately $28,000. First Horizon Corp acquired a new position in Remitly Global in the 3rd quarter valued at $36,000. Finally, GAMMA Investing LLC raised its stake in Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Company Profile

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.