Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 34,383 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 34,383 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the sale, the director directly owned 3,482,320 shares of the company’s stock, valued at approximately $86,674,944.80. This represents a 0.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joshua Hug also recently made the following trade(s):

• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $21.56, for a total value of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was sold at an average price of $17.88, for a total value of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total value of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The stock was sold at an average price of $17.98, for a total value of $522,301.02.

Remitly Global Stock Down 0.5%

Remitly Global stock opened at $23.75 on Thursday. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of 48.47 and a beta of 0.40. The stock has a 50-day moving average price of $18.40 and a 200 day moving average price of $15.58.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The company’s revenue was up 25.2% compared to the same quarter last year. Research analysts anticipate that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Freedom Capital raised Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $27.00 target price on shares of Remitly Global in a report on Thursday, May 7th. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Bank of America assumed coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 target price for the company. Finally, Citizens Jmp lifted their target price on Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.63.

Institutional Trading of Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in RELY. Baillie Gifford & Co. increased its position in shares of Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after buying an additional 2,567,446 shares in the last quarter. Marshall Wace LLP increased its position in shares of Remitly Global by 74.4% in the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after buying an additional 1,962,076 shares in the last quarter. Azora Capital LP purchased a new stake in shares of Remitly Global in the third quarter valued at approximately $31,213,000. Finally, Capital International Investors purchased a new stake in shares of Remitly Global in the fourth quarter valued at approximately $24,328,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

About Remitly Global

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.