Remitly Global, Inc. (NASDAQ:RELY) Director Sells $227,700.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $22.77, for a total value of $227,700.00. Following the completion of the transaction, the director now owns 3,763,811 shares in the company, valued at $85,701,976.47. The trade was a 0.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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 transaction of $793,963.90.
• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.23, for a total value 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 value of $197,100.00.

Remitly Global Stock Up 1.2%

RELY stock opened at $22.80 on Wednesday. The firm has a 50 day moving average of $20.78 and a two-hundred day moving average of $21.83. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of -120.00 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Remitly Global’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.11) EPS. On average, research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RELY shares. The Goldman Sachs Group increased their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. JMP Securities reissued a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. JPMorgan Chase & Co. upped their price target 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. Finally, Barclays increased their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC grew its holdings in Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after buying an additional 227,231 shares during the last quarter. Dakota Wealth Management bought a new stake in shares of Remitly Global in the fourth quarter valued at approximately $269,000. Blue Trust Inc. grew its stake in shares of Remitly Global by 661.9% in the fourth quarter. Blue Trust Inc. now owns 17,135 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 14,886 shares during the last quarter. KBC Group NV grew its stake in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,033 shares during the last quarter. Finally, DHK Financial Advisors Inc. bought a new position in Remitly Global during the fourth quarter worth $273,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.