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

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $23.18, for a total transaction of $127,490.00. Following the completion of the transaction, the director owned 2,653,389 shares in the company, valued at $61,505,557.02. This represents a 0.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 8th, Joshua Hug sold 5,500 shares of Remitly Global stock. The shares were sold at an average price of $25.03, for a total value of $137,665.00.
• On Tuesday, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The shares were sold at an average price of $23.65, for a total value of $130,075.00.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $23.52 on Friday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.48. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 16.92 and a beta of 0.39. The stock’s 50-day simple moving average is $23.91 and its 200-day simple moving average is $21.89.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the prior year, the business posted $0.03 earnings per share. Remitly Global’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, research analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on RELY shares. Citizens Jmp raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Wolfe Research upped their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Cantor Fitzgerald boosted their target price on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.78.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently made changes to their positions in RELY. GAMMA Investing LLC raised its position in shares of Remitly Global by 25.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,708 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 541 shares in the last quarter. Private Client Services LLC acquired a new position in Remitly Global in the third quarter worth $766,000. IFP Advisors Inc boosted its holdings 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 bought a new stake in Remitly Global during the second quarter valued at $6,282,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of Remitly Global during the second quarter worth $240,000. 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. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.