Remitly Global (NASDAQ:RELY) Director Phillip John Riese Sells 160,182 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 160,182 shares of Remitly Global stock in a transaction on Friday, August 7th. The stock was sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the transaction, the director directly owned 361,094 shares of the company’s stock, valued at $9,005,684.36. The trade was a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Phillip John Riese also recently made the following trade(s):

• On Tuesday, August 11th, Phillip John Riese sold 100,000 shares of Remitly Global stock. The shares were sold at an average price of $23.73, for a total transaction of $2,373,000.00.

Remitly Global Price Performance

Shares of RELY traded up $0.47 during midday trading on Tuesday, hitting $23.61. The stock had a trading volume of 3,014,015 shares, compared to its average volume of 3,195,756. The stock’s 50 day moving average is $22.35 and its 200 day moving average is $19.25. The firm has a market cap of $5.00 billion, a PE ratio of 16.99 and a beta of 0.34. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.03 EPS. As a group, equities research analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake 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 worth $49,000 after purchasing an additional 677 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after buying an additional 679 shares during the last quarter. Main Management ETF Advisors LLC boosted its holdings in shares of 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 buying an additional 984 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after buying an additional 1,050 shares in the last quarter. Finally, New York State Teachers Retirement System grew its position in shares of Remitly Global by 8.4% in the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after buying an additional 1,184 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RELY has been the topic of a number of analyst reports. Cantor Fitzgerald upped their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday. Citizens Jmp raised their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. The Goldman Sachs Group increased their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, KeyCorp upped their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target 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.