Remitly Global (NASDAQ:RELY) Director Sells $385,896.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,800 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $22.97, for a total value of $385,896.00. Following the completion of the sale, the director directly owned 3,385,457 shares in the company, valued at approximately $77,763,947.29. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The stock was sold at an average price of $20.76, for a total value 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 value of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The shares were 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.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value of $855,792.87.
• 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 shares were 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 transaction of $22,865.70.

Remitly Global Trading Up 3.5%

Shares of RELY stock opened at $23.75 on Friday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92. The firm’s fifty day simple moving average is $21.27 and its 200 day simple moving average is $17.31. The firm has a market capitalization of $5.00 billion, a P/E ratio of 48.47 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.05 EPS. Equities research analysts anticipate that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Trading of Remitly Global

Institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after acquiring an additional 3,870 shares during the period. Millennium Management LLC boosted its holdings in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new stake in Remitly Global during the first quarter valued at approximately $218,000. Focus Partners Wealth bought a new stake in shares of Remitly Global in the 1st quarter valued at approximately $1,458,000. Finally, Cetera Investment Advisers grew its stake in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,286 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RELY. The Goldman Sachs Group reissued a “buy” rating and set a $27.00 target price on shares of Remitly Global in a research report on Thursday, May 7th. Cantor Fitzgerald upped their price target on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Monness Crespi & Hardt lifted their price objective on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.62.

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.