Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 16,800 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,800 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $22.97, for a total transaction of $385,896.00. Following the transaction, the director owned 3,385,457 shares of the company’s stock, valued at $77,763,947.29. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 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 transaction of $170,850.00.
• 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 shares were 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 value of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was sold at an average price of $17.88, for a total value 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 value of $22,865.70.

Remitly Global Stock Performance

RELY stock opened at $22.41 on Wednesday. The company has a market capitalization of $4.72 billion, a PE ratio of 45.73 and a beta of 0.37. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The company’s 50 day moving average price is $21.17 and its two-hundred day moving average price is $17.19.

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. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter in the prior year, the company earned $0.05 EPS. The firm’s revenue was up 25.2% on a year-over-year basis. On average, research analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

Large investors have recently modified their holdings of the stock. Torren Management LLC bought a new position in Remitly Global in the fourth quarter worth about $25,000. Summit Securities Group LLC bought a new stake in Remitly Global during the 1st quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the 4th quarter valued at approximately $28,000. GAMMA Investing LLC grew its holdings in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the period. Finally, HighMark Wealth Management LLC purchased a new position in shares of Remitly Global during the 4th quarter worth approximately $35,000. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Citigroup reissued a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. Cantor Fitzgerald upped 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. The Goldman Sachs Group reissued a “buy” rating and set a $27.00 price target on shares of Remitly Global in a research report on Thursday, May 7th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Finally, Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.