Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 5,500 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $25.03, for a total transaction of $137,665.00. Following the completion of the transaction, the director directly owned 2,664,389 shares of the company’s stock, valued at approximately $66,689,656.67. This trade represents a 0.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00.
• 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 shares were sold at an average price of $20.76, for a total value of $332,845.08.
• 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.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $21.93 on Friday. The stock has a 50 day moving average price of $24.61 and a 200 day moving average price of $21.11. The stock has a market capitalization of $4.64 billion, a PE ratio of 15.78 and a beta of 0.36. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.48.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter in the prior year, the business posted $0.03 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. As a group, research analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently modified their holdings of the company. IFP Advisors Inc increased its position in Remitly Global by 59.1% during the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 527 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Remitly Global in the second quarter valued at approximately $6,282,000. Baird Financial Group Inc. bought a new stake in shares of Remitly Global in the second quarter valued at approximately $240,000. Allworth Financial LP boosted its stake in shares of Remitly Global by 12.5% in the second quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock valued at $109,000 after buying an additional 540 shares during the period. Finally, Arizona State Retirement System grew its position in Remitly Global by 1.2% during the second quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider’s stock worth $1,107,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of research analyst reports. KeyCorp increased their price target on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Citizens Jmp raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two investment 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 company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $27.78.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.