Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $227,293.34 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 8,938 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $25.43, for a total transaction of $227,293.34. Following the sale, the director directly owned 1,882,056 shares in the company, valued at $47,860,684.08. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Remitly Global Stock Performance

Remitly Global stock opened at $25.62 on Friday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The firm’s 50-day moving average is $22.56 and its 200-day moving average is $19.41. The company has a market cap of $5.42 billion, a P/E ratio of 18.43 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The business 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%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. As a group, sell-side analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Key Stories Impacting Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Analyst targets remain above the current share price. Cantor Fitzgerald raised its price target from $28 to $30 while maintaining an “overweight” rating. Wolfe Research also reiterated an “outperform” rating with a $31 target, and KeyCorp raised its target to $33. The analyst consensus is “Moderate Buy,” with an average target of $27.67. Remitly Global analyst price target article
• Positive Sentiment: Recent operating performance provides a favorable backdrop. Remitly reported quarterly EPS of $0.93, well above the $0.12 consensus estimate, while revenue of $495.16 million exceeded expectations and rose 20.2% year over year. Investors are also reviewing management’s comments and analyst questions from the second-quarter earnings call for additional growth catalysts. Remitly second-quarter earnings call article
• Neutral Sentiment: Joshua Hug sold 5,500 shares at an average price of $23.65, worth approximately $130,075. The transaction reduced his ownership by just 0.21% and was executed under a pre-arranged Rule 10b5-1 trading plan, making it less concerning as a signal of changing business expectations. SEC filing for Joshua Hug transaction
• Negative Sentiment: Director Phillip John Riese reported substantial selling. Recent transactions included 160,182 shares sold on August 7, 100,000 shares sold on August 11, and 69,818 shares sold on August 12, with reported proceeds totaling roughly $8.0 million. The sales significantly reduced his direct stake and could encourage profit-taking concerns after RELY’s recent rally. Phillip John Riese Remitly Global insider sale article
• Negative Sentiment: Director Nigel Morris sold 8,938 shares for approximately $227,293. Although the transaction reduced his position by only 0.47%, it adds to the broader pattern of insider selling. Remitly Global insider selling report

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its position 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 worth $49,000 after buying an additional 677 shares during the period. California State Teachers Retirement System increased its position in Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after acquiring an additional 679 shares during the period. Main Management ETF Advisors LLC increased its position in Remitly Global by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after acquiring an additional 984 shares during the period. Empowered Funds LLC raised its stake in Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after acquiring an additional 1,050 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake in Remitly Global by 8.4% during the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 1,184 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Wolfe Research reaffirmed an “outperform” rating and issued a $31.00 target price on shares of Remitly Global in a research report on Thursday, August 6th. Finally, KeyCorp raised their target price on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $27.67.

About Remitly Global

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.