Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 16,033 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,033 shares of Remitly Global stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $20.76, for a total value of $332,845.08. Following the completion of the sale, the director owned 3,402,257 shares of the company’s stock, valued at $70,630,855.32. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 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 value of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The stock was 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 stock was 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

NASDAQ RELY opened at $20.43 on Thursday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The stock has a 50-day moving average of $20.49 and a 200 day moving average of $16.69. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 41.69 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same period last year, the company earned $0.05 EPS. Remitly Global’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, equities analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new position in Remitly Global in the first quarter worth about $26,000. Torren Management LLC purchased a new position in shares of Remitly Global during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global during the 4th quarter valued at about $28,000. GAMMA Investing LLC lifted its position 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 valued at $30,000 after buying an additional 1,628 shares in the last quarter. Finally, HighMark Wealth Management LLC purchased a new position in shares of Remitly Global during the 4th quarter valued at about $35,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RELY has been the topic of several research reports. Freedom Capital raised Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Oppenheimer set a $20.00 target price on Remitly Global in a research report on Thursday, February 19th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Citigroup reissued a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.63.

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.