Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 16,751 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY – Get Free Report) Director Nigel Morris sold 16,751 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $26.56, for a total transaction of $444,906.56. Following the transaction, the director directly owned 1,811,056 shares in the company, valued at approximately $48,101,647.36. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Remitly Global Stock Performance

Shares of RELY stock traded down $0.47 on Wednesday, reaching $25.75. 3,161,159 shares of the company were exchanged, compared to its average volume of 3,961,863. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 18.53 and a beta of 0.34. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The business has a 50-day moving average price of $23.68 and a 200 day moving average price of $20.11.

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Remitly Global (NASDAQ:RELY – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $486.25 million. During the same period in the previous year, the business earned $0.03 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Wolfe Research boosted their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday. Citizens Jmp upped their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Finally, KeyCorp raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $27.78.

Read Our Latest Research Report on RELY

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC raised its holdings in shares of Remitly Global by 10.7% during the 2nd quarter. HighTower Advisors LLC now owns 17,437 shares of the financial services provider’s stock worth $391,000 after acquiring an additional 1,684 shares during the period. California State Teachers Retirement System increased its position in Remitly Global by 2,123.3% during the second quarter. California State Teachers Retirement System now owns 4,633,604 shares of the financial services provider’s stock worth $103,839,000 after purchasing an additional 4,425,195 shares during the last quarter. Compass Financial Management LLC acquired a new stake in Remitly Global during the second quarter worth about $82,000. AXQ Capital LP purchased a new position in Remitly Global during the second quarter worth about $357,000. Finally, Nykredit A S purchased a new position in Remitly Global during the second quarter worth about $40,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Company Profile

(Get Free Report)

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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