Joshua Hug Sells 33,600 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 33,600 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $21.03, for a total value of $706,608.00. Following the completion of the transaction, the director directly owned 3,424,244 shares in the company, valued at $72,011,851.32. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total value of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $21.56, for a total value of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was sold at an average price of $17.88, for a total value of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total value of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The stock was sold at an average price of $17.98, for a total value of $522,301.02.

Remitly Global Price Performance

Shares of RELY opened at $19.73 on Thursday. The company has a market capitalization of $4.15 billion, a P/E ratio of 40.27 and a beta of 0.37. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The business’s 50 day simple moving average is $19.82 and its 200-day simple moving average is $16.24.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s revenue was up 25.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 EPS. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.66 EPS for the current fiscal year.

Institutional Trading of Remitly Global

A number of institutional investors have recently bought and sold shares of RELY. Bank of America Corp DE grew its holdings in Remitly Global by 471.7% during the 1st 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 period. Baillie Gifford & Co. grew its holdings in Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after acquiring an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the period. Marshall Wace LLP grew its holdings in Remitly Global by 74.4% during the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after acquiring an additional 1,962,076 shares during the period. Finally, Azora Capital LP acquired a new stake in Remitly Global during the 3rd quarter worth $31,213,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on RELY shares. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, May 7th. KeyCorp boosted their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Citizens Jmp boosted their price objective on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Finally, Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

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.