Nigel Morris Sells 16,751 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 16,751 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $26.56, for a total transaction of $444,906.56. Following the completion of the transaction, the director owned 1,811,056 shares of the company’s stock, valued at $48,101,647.36. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Stock Up 0.9%

Shares of NASDAQ RELY opened at $25.99 on Friday. The stock has a market capitalization of $5.50 billion, a price-to-earnings ratio of 18.70 and a beta of 0.34. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.15. The firm has a 50-day moving average price of $23.88 and a 200 day moving average price of $20.29.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $486.25 million. During the same period in the prior year, the business posted $0.03 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on RELY shares. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald upped their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Citizens Jmp raised their price target 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. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, Wolfe Research boosted their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $27.78.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Remitly Global during the 2nd quarter valued at $410,752,000. Marshall Wace LLP raised its holdings in shares of Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. Bank of America Corp DE lifted its position 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 valued at $80,759,000 after acquiring an additional 4,252,294 shares in the last quarter. Finally, Generation Investment Management LLP purchased a new stake in shares of Remitly Global in the second quarter valued at $109,637,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.