Remitly Global (NASDAQ:RELY) Director Sells $137,665.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of Remitly Global stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $25.03, for a total value of $137,665.00. Following the transaction, the director owned 2,664,389 shares in the company, valued at approximately $66,689,656.67. This trade represents a 0.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joshua Hug also recently made the following trade(s):

• On Tuesday, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The shares were sold at an average price of $23.65, for a total value of $130,075.00.
• On Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were sold at an average price of $22.97, for a total value of $385,896.00.
• On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The shares were sold at an average price of $20.76, for a total value of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The stock was sold at an average price of $20.10, for a total value of $170,850.00.

Remitly Global Stock Up 0.3%

NASDAQ:RELY opened at $21.99 on Friday. The business’s 50-day moving average price is $24.57 and its 200 day moving average price is $21.12. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.48. The firm has a market cap of $4.65 billion, a P/E ratio of 15.82 and a beta of 0.36.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results 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 the consensus estimate of $486.25 million. During the same period in the prior year, the company earned $0.03 EPS. Remitly Global’s revenue was up 20.2% on a year-over-year basis. Sell-side analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current year.

Analyst Ratings Changes

RELY has been the subject of several recent research reports. The Goldman Sachs Group increased their target price on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Citizens Jmp increased their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday, August 6th. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Remitly Global presently has a consensus rating of “Buy” and an average target price of $27.78.

Institutional Trading of Remitly Global

A number of hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP grew its holdings in shares of Remitly Global by 1,484.2% during the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after acquiring an additional 338,244 shares in the last quarter. State of Wyoming purchased a new position in Remitly Global in the second quarter valued at about $935,000. Squarepoint Ops LLC acquired a new position in Remitly Global in the 2nd quarter worth about $6,282,000. California State Teachers Retirement System raised its stake in shares of Remitly Global by 24.7% during the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock worth $3,266,000 after purchasing an additional 41,221 shares in the last quarter. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Remitly Global during the 4th quarter worth about $8,852,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.