Remitly Global (NASDAQ:RELY) Stock: Insider Ryno Blignaut Sells 5,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Ryno Blignaut sold 5,000 shares of the stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $23.75, for a total transaction of $118,750.00. Following the completion of the sale, the director owned 63,269 shares in the company, valued at $1,502,638.75. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed 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.

Remitly Global Stock Down 0.3%

Remitly Global stock traded down $0.08 during midday trading on Thursday, hitting $22.79. 2,544,345 shares of the stock were exchanged, compared to its average volume of 3,871,566. The stock has a market capitalization of $4.88 billion, a PE ratio of 13.81 and a beta of 0.46. The company has a fifty day simple moving average of $23.41 and a two-hundred day simple moving average of $20.85. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $28.00.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.15. Remitly Global had a net margin of 19.14% and a return on equity of 35.56%. The company had revenue of $509.84 million for the quarter, compared to analyst estimates of $507.31 million. During the same period last year, the business posted $0.04 earnings per share. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. BlackRock Inc. bought a new stake in Remitly Global in the 2nd quarter valued at $410,752,000. Generation Investment Management LLP bought a new position in Remitly Global during the 2nd quarter worth about $109,637,000. Bank of America Corp DE increased its holdings in Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares in the last quarter. Lead Edge Capital Management LLC acquired a new stake in shares of Remitly Global in the 2nd quarter valued at about $60,232,971. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Remitly Global in the 3rd quarter valued at about $31,985,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on RELY. Wall Street Zen lowered Remitly Global from a “buy” rating to a “hold” rating in a report on Saturday, November 7th. Wolfe Research increased their price target on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Finally, KeyCorp reiterated an “overweight” rating on shares of Remitly Global in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.78.

Remitly Global Company Profile

Remitly Global, Inc. operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination. The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.