Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 16,033 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,033 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $20.76, for a total transaction of $332,845.08. Following the completion of the transaction, the director owned 3,402,257 shares in the company, valued at approximately $70,630,855.32. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total transaction of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The shares were sold at an average price of $20.00, for a total transaction of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The shares were sold at an average price of $24.89, for a total transaction 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.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded up $0.07 during trading on Wednesday, hitting $20.43. The company’s stock had a trading volume of 6,931,803 shares, compared to its average volume of 4,009,469. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The stock’s 50-day moving average price is $20.49 and its two-hundred day moving average price is $16.69. The company has a market capitalization of $4.30 billion, a PE ratio of 41.69 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same quarter last year, the company earned $0.05 earnings per share. The business’s quarterly revenue was up 25.2% compared to the same quarter last year. On average, equities analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Baillie Gifford & Co. lifted its stake in Remitly Global by 48.2% in the fourth 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 during the period. Marshall Wace LLP lifted its stake in Remitly Global by 30.4% in 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 buying an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Remitly Global by 86.0% in 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 buying an additional 2,567,446 shares during the period. ArrowMark Colorado Holdings LLC lifted its stake in 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 buying an additional 1,748,576 shares during the period. Finally, Bank of America Corp DE lifted its stake in 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 valued at $80,759,000 after buying an additional 4,252,294 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. The Goldman Sachs Group reissued a “buy” rating and issued a $27.00 price target on shares of Remitly Global in a research note on Thursday, May 7th. Citigroup reaffirmed a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. Oppenheimer set a $20.00 price objective on shares of Remitly Global in a research report on Thursday, February 19th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.