Nigel Morris Sells 6,300 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 6,300 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total transaction of $170,289.00. Following the completion of the transaction, the director owned 1,804,756 shares of the company’s stock, valued at $48,782,554.68. This trade represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Remitly Global Stock Performance

Shares of RELY opened at $26.17 on Friday. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 18.83 and a beta of 0.36. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.48. The firm has a 50 day moving average price of $24.50 and a 200-day moving average price of $20.80.

Remitly Global (NASDAQ:RELY) last released 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 firm had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 earnings per share. As a group, equities research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Summit Securities Group LLC purchased a new position in Remitly Global during the first quarter valued at approximately $26,000. Nykredit A S purchased a new stake in shares of Remitly Global in the second quarter worth $40,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global in the fourth quarter worth $28,000. GAMMA Investing LLC raised its position in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the period. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the subject of several analyst reports. Citigroup reissued 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 company a “buy” rating in a research report on Thursday, July 9th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. KeyCorp lifted their target price on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Cantor Fitzgerald boosted their price target on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $27.78.

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.