Remitly Global (NASDAQ:RELY) Shares Down 7.4% After Insider Selling

Remitly Global, Inc. (NASDAQ:RELY)’s stock price was down 7.4% on Thursday after an insider sold shares in the company. The stock traded as low as $22.41 and last traded at $22.2970. Approximately 2,637,619 shares were traded during mid-day trading, a decline of 33% from the average session volume of 3,938,844 shares. The stock had previously closed at $24.07.

Specifically, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $25.03, for a total value of $137,665.00. Following the transaction, the director directly owned 2,664,389 shares in the company, valued at $66,689,656.67. The trade was a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel Morris sold 6,300 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total value of $170,289.00. Following the transaction, the director owned 1,804,756 shares of the company’s stock, valued at $48,782,554.68. The trade was a 0.35% decrease in their position. The SEC filing for this sale provides additional information.

Analyst Upgrades and Downgrades

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

Remitly Global Trading Up 0.3%

The business’s 50 day moving average price is $24.57 and its two-hundred day moving average price is $21.12. The stock has a market cap of $4.65 billion, a P/E ratio of 15.82 and a beta of 0.36.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results 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. The company had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. Remitly Global’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 earnings per share. As a group, analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently made changes to their positions in the company. IFP Advisors Inc grew its stake in Remitly Global by 59.1% in the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 527 shares during the period. Squarepoint Ops LLC purchased a new position in Remitly Global during the second quarter valued at $6,282,000. Baird Financial Group Inc. bought a new stake in shares of Remitly Global during the 2nd quarter valued at $240,000. Allworth Financial LP boosted its holdings in shares of Remitly Global by 12.5% during the 2nd 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 in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Remitly Global by 1.2% in the 2nd 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 during the period. 74.25% of the stock is currently owned by institutional investors.

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.