Nigel Morris Sells 8,938 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 8,938 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $25.43, for a total value of $227,293.34. Following the completion of the sale, the director directly owned 1,882,056 shares in the company, valued at $47,860,684.08. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $24.23 on Thursday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The business has a fifty day moving average price of $22.44 and a 200-day moving average price of $19.32. The company has a market capitalization of $5.13 billion, a PE ratio of 17.43 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced 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. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. 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 previous year, the business posted $0.03 EPS. Remitly Global’s revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Remitly Global during the 2nd quarter valued at about $410,752,000. Generation Investment Management LLP bought a new stake in Remitly Global during the second quarter valued at approximately $109,637,000. Bank of America Corp DE increased its holdings in Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after buying an additional 4,252,294 shares during the last quarter. Baillie Gifford & Co. raised its position in 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 worth $160,888,000 after acquiring an additional 3,790,210 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Key Remitly Global News

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

• Positive Sentiment: Analyst support remains strong: Cantor Fitzgerald raised its price target to $30 from $28 and maintained an “overweight” rating. The firm joins Wolfe Research and KeyCorp, which also maintain bullish ratings and price targets above recent trading levels. The average analyst price target is $27.67. Cantor Fitzgerald analyst article
• Positive Sentiment: The company’s Q2 earnings-call discussion addressed key analyst questions about business performance, strategic initiatives and potential growth drivers. The conversation may reinforce investor confidence following the earnings beat, although the article does not indicate a new financial forecast. Top analyst questions from Remitly’s Q2 earnings call
• Neutral Sentiment: Reported short interest was listed at zero shares, producing a zero-day short-interest ratio. The figures provide no meaningful indication of short-seller positioning or a potential short-covering catalyst.
• Negative Sentiment: Insider selling could temper sentiment. Director Phillip John Riese sold 100,000 shares for approximately $2.37 million on August 11 after selling another 160,182 shares for about $3.99 million on August 7, reducing his position substantially. Director Nigel Morris separately sold 8,938 shares worth roughly $227,000, though that represented only a 0.47% reduction in his holdings. Remitly Global insider selling report

Analyst Upgrades and Downgrades

RELY has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Wolfe Research reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp increased their target price on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Finally, Cantor Fitzgerald lifted their target price on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.67.

Remitly Global Company Profile

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.