Nigel Morris Sells 11,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $25.59, for a total value of $281,490.00. Following the transaction, the director directly owned 1,871,056 shares in the company, valued at approximately $47,880,323.04. This trade represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $25.44 on Wednesday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The business’s 50 day simple moving average is $23.01 and its two-hundred day simple moving average is $19.66. The firm has a market cap of $5.39 billion, a P/E ratio of 18.30 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s quarterly revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Key Remitly Global News

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

• Positive Sentiment: Zacks upgraded RELY to Rank #1, or “Strong Buy.” The upgrade reflects growing optimism about Remitly’s earnings outlook and may support continued buying interest. Zacks Strong Buy upgrade
• Positive Sentiment: Upward earnings-estimate revisions are signaling potential near-term upside. Zacks identified RELY as a fundamentally strong stock with improving expectations and recent price strength. Earnings estimate revisions
• Positive Sentiment: RELY appeared on several Zacks relative-strength, momentum and Strong Buy lists. This additional visibility could attract momentum-focused investors. Zacks relative-strength list
• Positive Sentiment: Fundamentals remain supportive. Remitly’s latest quarter delivered 20.2% year-over-year revenue growth, $495.16 million in revenue and $0.93 in earnings per share, well above the $0.12 consensus estimate. Analysts retain a “Moderate Buy” consensus, with an average price target of $27.67.
• Neutral Sentiment: The stock is trading near its 52-week high, indicating strong momentum but also leaving less room for error if expectations weaken.
• Negative Sentiment: Director Nigel Morris sold 31,000 shares for approximately $805,490. The transactions reduced his holdings by about 1.65%, though he still owns more than 1.85 million shares. Continued insider selling could temper bullish sentiment. SEC insider transaction filing

Analyst Ratings Changes

A number of research firms have weighed in on RELY. Cantor Fitzgerald raised their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Wolfe Research reissued an “outperform” rating and set a $31.00 target price on shares of Remitly Global in a research report on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Finally, Citizens Jmp boosted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Two research 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. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $27.67.

Institutional Trading of Remitly Global

Institutional investors have recently made changes to their positions in the company. Summit Securities Group LLC bought a new position in shares of Remitly Global during the first quarter valued at about $26,000. Torren Management LLC purchased a new position in Remitly Global during the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global in the 4th quarter worth about $28,000. GAMMA Investing LLC grew its position in Remitly Global by 45.4% in 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 in the last quarter. Finally, HighMark Wealth Management LLC purchased a new stake in Remitly Global in the 4th quarter valued at about $35,000. Institutional investors own 74.25% of the company’s stock.

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.