Joshua Hug Sells 8,500 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 8,500 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $20.10, for a total value of $170,850.00. Following the completion of the transaction, the director owned 3,418,290 shares of the company’s stock, valued at $68,707,629. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 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 Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The shares were sold at an average price of $21.03, for a total value of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total value of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value 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 stock was sold at an average price of $15.99, for a total transaction of $22,865.70.

Remitly Global Stock Performance

Shares of RELY opened at $21.10 on Friday. The firm has a market cap of $4.44 billion, a price-to-earnings ratio of 43.06 and a beta of 0.37. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The firm has a 50 day moving average price of $20.60 and a 200-day moving average price of $16.74.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data 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. The company had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm’s revenue was up 25.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. As a group, equities research analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its position in shares of Remitly Global by 2.9% in the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after acquiring an additional 1,050 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Remitly Global by 124.2% during the first quarter. Parallel Advisors LLC now owns 15,540 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 8,609 shares during the period. Essential Partners LLC boosted its holdings in shares of Remitly Global by 181.8% during the first quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 2,116 shares during the period. Bank of America Corp DE grew its stake in shares of Remitly Global by 471.7% in 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 last quarter. Finally, Amundi bought a new stake in shares of Remitly Global in the first quarter worth about $293,000. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. KeyCorp raised their price objective on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Monness Crespi & Hardt boosted their target price on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Citigroup restated a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Finally, Oppenheimer set a $20.00 price target on Remitly Global in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $24.62.

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.