Joshua Hug Sells 40,776 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 40,776 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $13.33, for a total value of $543,544.08. Following the completion of the sale, the director owned 3,654,764 shares of the company’s stock, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Remitly Global Stock Down 2.3%

NASDAQ RELY opened at $12.93 on Wednesday. The business’s fifty day simple moving average is $14.81 and its 200-day simple moving average is $17.52. The firm has a market cap of $2.70 billion, a PE ratio of 143.67 and a beta of 0.11. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.02. The firm had revenue of $419.49 million during the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. During the same period last year, the business earned $0.01 earnings per share. Remitly Global’s revenue was up 24.7% compared to the same quarter last year. Research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RELY shares. The Goldman Sachs Group cut their target price on Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. JPMorgan Chase & Co. cut their target price on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Finally, Monness Crespi & Hardt dropped their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.88.

Institutional Trading of Remitly Global

A number of institutional investors have recently bought and sold shares of the business. Bank of Montreal Can increased its stake in Remitly Global by 28.5% in the second quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock valued at $6,156,000 after purchasing an additional 72,689 shares during the last quarter. Inspire Investing LLC acquired a new position in shares of Remitly Global in the 2nd quarter valued at $769,000. Osterweis Capital Management Inc. purchased a new position in shares of Remitly Global in the 1st quarter valued at $7,566,000. Intech Investment Management LLC lifted its position in Remitly Global by 53.0% in the first quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider’s stock valued at $1,931,000 after acquiring an additional 32,150 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Remitly Global by 3.6% in the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after acquiring an additional 129,706 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.