Joshua Hug Sells 10,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $22.77, for a total transaction of $227,700.00. Following the completion of the sale, the director now owns 3,763,811 shares of the company’s stock, valued at $85,701,976.47. This trade represents a 0.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Monday, May 5th, Joshua Hug sold 37,718 shares of Remitly Global stock. The shares were sold at an average price of $21.05, for a total value of $793,963.90.
• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $19.23, for a total transaction of $192,300.00.
• On Thursday, April 17th, Joshua Hug sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $19.71, for a total transaction of $197,100.00.

Remitly Global Stock Performance

Shares of RELY opened at $22.80 on Wednesday. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The stock has a 50-day moving average price of $20.78 and a 200 day moving average price of $21.83. The company has a market capitalization of $4.65 billion, a P/E ratio of -120.00 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million for the quarter, compared to analysts’ expectations of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. During the same quarter last year, the company posted ($0.11) earnings per share. The company’s quarterly revenue was up 34.3% compared to the same quarter last year. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Remitly Global by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock worth $311,109,000 after buying an additional 306,099 shares in the last quarter. Baillie Gifford & Co. raised its holdings in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after purchasing an additional 150,602 shares in the last quarter. Alliancebernstein L.P. lifted its position in Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after purchasing an additional 4,037,151 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after purchasing an additional 1,220,806 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Remitly Global by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after purchasing an additional 49,281 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. JMP Securities reissued a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Barclays lifted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. The Goldman Sachs Group boosted their target price on Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Finally, Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.88.

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.