Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 33,600 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 33,600 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00. Following the completion of the transaction, the director owned 3,424,244 shares in the company, valued at $72,011,851.32. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The shares were sold at an average price of $20.00, for a total transaction of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The shares were sold at an average price of $24.89, for a total transaction of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were sold at an average price of $21.56, for a total transaction of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The shares were sold at an average price of $17.88, for a total transaction of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The shares were sold at an average price of $15.99, for a total transaction of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Trading Down 4.6%

NASDAQ:RELY opened at $20.07 on Wednesday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92. The firm’s fifty day simple moving average is $19.66 and its 200 day simple moving average is $16.13. The firm has a market capitalization of $4.23 billion, a PE ratio of 40.96 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same period last year, the business posted $0.05 EPS. Remitly Global’s revenue was up 25.2% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after acquiring an additional 3,870 shares during the period. Millennium Management LLC lifted its holdings in Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP bought a new position in Remitly Global during the 1st quarter valued at about $218,000. Focus Partners Wealth bought a new position in Remitly Global during the 1st quarter valued at about $1,458,000. Finally, Cetera Investment Advisers lifted its holdings in Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,286 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Cantor Fitzgerald increased their price target on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Remitly Global in a report on Wednesday, May 20th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Finally, Wall Street Zen downgraded shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

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.