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

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00. Following the sale, the director directly owned 2,675,389 shares in the company, valued at $63,272,949.85. This trade represents a 0.21% decrease in their ownership of the stock. The transaction 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 Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were 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 transaction of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total transaction of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The stock was sold at an average price of $21.03, for a total value of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The shares were sold at an average price of $20.00, for a total value of $9,520.00.

Remitly Global Trading Up 5.7%

Shares of NASDAQ RELY opened at $25.62 on Friday. The company has a market capitalization of $5.42 billion, a P/E ratio of 18.43 and a beta of 0.34. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The stock has a 50 day moving average of $22.56 and a 200-day moving average of $19.41.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. During the same period in the previous year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. Analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

RELY has been the topic of a number of recent research reports. The Goldman Sachs Group increased their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp increased their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Remitly Global News Summary

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Analyst targets remain above the current share price. Cantor Fitzgerald raised its price target from $28 to $30 while maintaining an “overweight” rating. Wolfe Research also reiterated an “outperform” rating with a $31 target, and KeyCorp raised its target to $33. The analyst consensus is “Moderate Buy,” with an average target of $27.67. Remitly Global analyst price target article
• Positive Sentiment: Recent operating performance provides a favorable backdrop. Remitly reported quarterly EPS of $0.93, well above the $0.12 consensus estimate, while revenue of $495.16 million exceeded expectations and rose 20.2% year over year. Investors are also reviewing management’s comments and analyst questions from the second-quarter earnings call for additional growth catalysts. Remitly second-quarter earnings call article
• Neutral Sentiment: Joshua Hug sold 5,500 shares at an average price of $23.65, worth approximately $130,075. The transaction reduced his ownership by just 0.21% and was executed under a pre-arranged Rule 10b5-1 trading plan, making it less concerning as a signal of changing business expectations. SEC filing for Joshua Hug transaction
• Negative Sentiment: Director Phillip John Riese reported substantial selling. Recent transactions included 160,182 shares sold on August 7, 100,000 shares sold on August 11, and 69,818 shares sold on August 12, with reported proceeds totaling roughly $8.0 million. The sales significantly reduced his direct stake and could encourage profit-taking concerns after RELY’s recent rally. Phillip John Riese Remitly Global insider sale article
• Negative Sentiment: Director Nigel Morris sold 8,938 shares for approximately $227,293. Although the transaction reduced his position by only 0.47%, it adds to the broader pattern of insider selling. Remitly Global insider selling report

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently made changes to their positions in RELY. Pekin Hardy Strauss Inc. lifted its stake in shares of Remitly Global by 581.8% in the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after acquiring an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP acquired a new position in Remitly Global in the 4th quarter worth about $1,380,000. GSA Capital Partners LLP raised its position in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after purchasing an additional 338,244 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in shares of Remitly Global by 44.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock valued at $13,166,000 after purchasing an additional 292,991 shares in the last quarter. Finally, First Eagle Investment Management LLC bought a new stake in shares of Remitly Global during the fourth quarter worth about $8,852,000. 74.25% of the stock is owned by 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.