Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $130,075.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of Remitly Global stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $23.65, for a total value of $130,075.00. Following the completion of the sale, the director directly owned 2,675,389 shares of the company’s stock, valued at $63,272,949.85. The trade was a 0.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $22.97, for a total transaction of $385,896.00.
• On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The stock was sold at an average price of $20.76, for a total transaction of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were 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 stock was sold at an average price of $21.03, for a total transaction 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.

Remitly Global Trading Up 2.7%

Shares of NASDAQ RELY opened at $26.30 on Friday. The stock has a market cap of $5.57 billion, a P/E ratio of 18.92 and a beta of 0.34. The business’s fifty day simple moving average is $22.71 and its 200-day simple moving average is $19.45. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15.

Remitly Global (NASDAQ:RELY) last issued its quarterly 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. The company had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.Remitly Global’s 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. On average, equities analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on RELY shares. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Citizens Jmp lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Finally, Wolfe Research reissued an “outperform” rating and issued a $31.00 target price on shares of Remitly Global in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.67.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Torren Management LLC acquired a new stake in shares of Remitly Global in the 4th quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in Remitly Global in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $28,000. HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,545 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.