Remitly Global, Inc. (NASDAQ:RELY – Get Free Report) Director Joshua Hug sold 5,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $23.65, for a total value of $130,075.00. Following the transaction, the director directly owned 2,675,389 shares of the company’s stock, valued at approximately $63,272,949.85. This trade represents a 0.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Joshua Hug also recently made the following trade(s):
- On Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $22.97, for a total value of $385,896.00.
- 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 stock was sold at an average price of $20.00, for a total value of $9,520.00.
Remitly Global Price Performance
Shares of Remitly Global stock opened at $26.30 on Friday. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 18.92 and a beta of 0.34. The firm’s 50-day moving average is $22.71 and its 200 day moving average is $19.45. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15.
Analyst Upgrades and Downgrades
RELY has been the subject of a number of recent analyst reports. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. KeyCorp lifted their target price on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Wolfe Research restated an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald upped their price target on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Finally, The Goldman Sachs Group increased their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.
View Our Latest Stock Analysis on Remitly Global
Institutional Investors Weigh In On Remitly Global
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Remitly Global in the 2nd quarter worth $410,752,000. Marshall Wace LLP increased its position in Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares during the period. Bank of America Corp DE lifted its holdings in Remitly Global by 471.7% in 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 acquiring an additional 4,252,294 shares during the period. Finally, Generation Investment Management LLP purchased a new position in Remitly Global in the second quarter worth about $109,637,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.
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.
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