Remitly Global (NASDAQ:RELY) Director Phillip John Riese Sells 69,818 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 69,818 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total value of $1,643,515.72. Following the transaction, the director directly owned 261,094 shares in the company, valued at $6,146,152.76. This trade represents a 21.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Phillip John Riese also recently made the following trade(s):

• On Tuesday, August 11th, Phillip John Riese sold 100,000 shares of Remitly Global stock. The shares were sold at an average price of $23.73, for a total transaction of $2,373,000.00.
• On Friday, August 7th, Phillip John Riese sold 160,182 shares of Remitly Global stock. The stock was sold at an average price of $24.94, for a total value of $3,994,939.08.

Remitly Global Trading Up 5.7%

Shares of NASDAQ RELY opened at $25.62 on Friday. The stock has a 50 day moving average of $22.56 and a 200-day moving average of $19.41. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The company has a market capitalization of $5.42 billion, a P/E ratio of 18.43 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The business had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. Remitly Global’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 EPS. Analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Remitly Global by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC grew its stake in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after buying an additional 124,798 shares during the period. Caxton Associates LLP bought a new stake in Remitly Global in the 1st quarter valued at about $218,000. Focus Partners Wealth bought a new stake in Remitly Global in the 1st quarter valued at about $1,458,000. Finally, Cetera Investment Advisers raised its stake in Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,286 shares during the period. 74.25% of the stock is owned by institutional investors.

More Remitly Global News

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Analyst targets remain above the current share price. Cantor Fitzgerald raised its price target from $28 to $30 while maintaining an “overweight” rating. Wolfe Research also reiterated an “outperform” rating with a $31 target, and KeyCorp raised its target to $33. The analyst consensus is “Moderate Buy,” with an average target of $27.67. Remitly Global analyst price target article
• Positive Sentiment: Recent operating performance provides a favorable backdrop. Remitly reported quarterly EPS of $0.93, well above the $0.12 consensus estimate, while revenue of $495.16 million exceeded expectations and rose 20.2% year over year. Investors are also reviewing management’s comments and analyst questions from the second-quarter earnings call for additional growth catalysts. Remitly second-quarter earnings call article
• Neutral Sentiment: Joshua Hug sold 5,500 shares at an average price of $23.65, worth approximately $130,075. The transaction reduced his ownership by just 0.21% and was executed under a pre-arranged Rule 10b5-1 trading plan, making it less concerning as a signal of changing business expectations. SEC filing for Joshua Hug transaction
• Negative Sentiment: Director Phillip John Riese reported substantial selling. Recent transactions included 160,182 shares sold on August 7, 100,000 shares sold on August 11, and 69,818 shares sold on August 12, with reported proceeds totaling roughly $8.0 million. The sales significantly reduced his direct stake and could encourage profit-taking concerns after RELY’s recent rally. Phillip John Riese Remitly Global insider sale article
• Negative Sentiment: Director Nigel Morris sold 8,938 shares for approximately $227,293. Although the transaction reduced his position by only 0.47%, it adds to the broader pattern of insider selling. Remitly Global insider selling report

Analyst Upgrades and Downgrades

RELY has been the subject of a number of research reports. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Citizens Jmp lifted their price target on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and an average target price of $27.67.

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.