Remitly Global (NASDAQ:RELY) Director Sells $362,208.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,800 shares of the company’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $21.56, for a total transaction of $362,208.00. Following the sale, the director directly owned 3,533,503 shares in the company, valued at approximately $76,182,324.68. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 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 Price Performance

Remitly Global stock opened at $22.79 on Monday. The company has a market cap of $4.79 billion, a price-to-earnings ratio of 73.52, a PEG ratio of 0.80 and a beta of 0.40. The firm’s fifty day moving average is $17.41 and its 200 day moving average is $15.21. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. The company had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. Remitly Global’s revenue was up 25.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. Sell-side analysts forecast that Remitly Global, Inc. will post 0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RELY. Torren Management LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new position in shares of Remitly Global during the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $28,000. GAMMA Investing LLC boosted its position in shares of Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,628 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new position in shares of Remitly Global during the third quarter valued at approximately $33,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of recent research reports. JPMorgan Chase & Co. decreased their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Bank of America initiated coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target on the stock. The Goldman Sachs Group upped their price target on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Cantor Fitzgerald upped their price target on shares of Remitly Global from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Finally, Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.67.

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.