Remitly Global (NASDAQ:RELY) Director Sells $525,200.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 20,000 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $26.26, for a total transaction of $525,200.00. Following the transaction, the director directly owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. The trade was a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Remitly Global Price Performance

RELY traded down $0.38 during trading hours on Wednesday, reaching $25.06. 2,289,764 shares of the stock traded hands, compared to its average volume of 3,982,239. The firm’s fifty day simple moving average is $23.01 and its two-hundred day simple moving average is $19.66. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 18.03 and a beta of 0.34. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15.

Remitly Global (NASDAQ:RELY) last posted 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. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. During the same period in the prior year, the company posted $0.03 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently made changes to their positions in RELY. BlackRock Inc. bought a new position in Remitly Global during the second quarter worth $410,752,000. Marshall Wace LLP increased its stake in Remitly Global by 30.4% during 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 purchasing an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Remitly Global by 86.0% during 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 purchasing an additional 2,567,446 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares during the period. Finally, Generation Investment Management LLP acquired a new stake in shares of Remitly Global during the second quarter worth $109,637,000. 74.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, The Goldman Sachs Group boosted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $27.67.

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.