Remitly Global Sees Unusually High Options Volume (NASDAQ:RELY)

Remitly Global, Inc. (NASDAQ:RELY) saw some unusual options trading on Friday. Traders acquired 2,262 put options on the company. This represents an increase of 134% compared to the typical daily volume of 965 put options.

Remitly Global Trading Up 0.5%

Shares of RELY traded up $0.11 during mid-day trading on Friday, reaching $21.66. The company had a trading volume of 723,433 shares, compared to its average volume of 3,873,760. The firm has a fifty day simple moving average of $23.66 and a 200-day simple moving average of $20.66. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $28.00. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 13.16 and a beta of 0.46.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.15 by $0.15. The company had revenue of $509.84 million during the quarter, compared to analyst estimates of $507.31 million. Remitly Global had a return on equity of 37.93% and a net margin of 19.14%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 earnings per share. As a group, equities analysts predict that Remitly Global will post 0.85 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on RELY shares. Cantor Fitzgerald increased their price target on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Weiss Ratings lowered Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.78.

Insiders Place Their Bets

In related news, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $23.18, for a total value of $127,490.00. Following the completion of the sale, the director directly owned 2,653,389 shares of the company’s stock, valued at $61,505,557.02. The trade was a 0.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 6,300 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total value of $170,289.00. Following the completion of the sale, the director directly owned 1,804,756 shares of the company’s stock, valued at $48,782,554.68. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 309,618 shares of company stock worth $7,651,767 over the last 90 days. Insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc grew its stake in shares of Remitly Global by 59.1% during the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 527 shares in the last quarter. Summit Securities Group LLC acquired a new position in Remitly Global in the first quarter worth $26,000. Nykredit A S bought a new stake in shares of Remitly Global during the 2nd quarter valued at about $40,000. GAMMA Investing LLC raised its stake in Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 677 shares during the period. Finally, USA Financial Formulas bought a new position in Remitly Global in the third quarter worth about $70,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.