Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 6,300 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 6,300 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total transaction of $170,289.00. Following the completion of the sale, the director directly owned 1,804,756 shares of the company’s stock, valued at approximately $48,782,554.68. This trade represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded down $0.75 on Friday, hitting $26.17. 2,115,361 shares of the company were exchanged, compared to its average volume of 3,949,034. The company’s 50 day moving average price is $24.43 and its two-hundred day moving average price is $20.76. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 18.83 and a beta of 0.36. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.48.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating 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 business had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter last year, the company earned $0.03 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. Research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RELY. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Cantor Fitzgerald raised their target price on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Citizens Jmp increased their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $27.78.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the company. Summit Securities Group LLC acquired a new stake in shares of Remitly Global during the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the fourth quarter worth about $28,000. HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global during the fourth quarter worth approximately $35,000. EverSource Wealth Advisors LLC raised its stake in shares of Remitly Global by 140.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares during the last quarter. Finally, Nykredit A S acquired a new position in shares of Remitly Global in the 2nd quarter worth approximately $40,000. 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.