Remitly Global (NASDAQ:RELY) Director Bora Chung Sells 12,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung sold 12,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the sale, the director directly owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. This represents a 8.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Stock Down 0.0%

Shares of NASDAQ:RELY opened at $21.57 on Friday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The firm’s 50-day simple moving average is $18.96 and its 200-day simple moving average is $15.81. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 44.02 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 EPS. On average, research analysts forecast that Remitly Global, Inc. will post 0.67 EPS for the current year.

Analyst Upgrades and Downgrades

RELY has been the topic of several research analyst reports. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, May 7th. Bank of America began coverage on Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target for the company. Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. KeyCorp increased their price objective on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Finally, Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and a consensus target price of $24.63.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RELY. Baillie Gifford & Co. lifted its stake in Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its position in shares of Remitly Global by 46.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after acquiring an additional 1,748,576 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after acquiring an additional 4,252,294 shares during the last quarter. 74.25% of the stock is 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.