Remitly Global (NASDAQ:RELY) Stock: Insider Joshua Hug Sells 5,500 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of Remitly Global stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $23.18, for a total value of $127,490.00. Following the transaction, the director owned 2,653,389 shares of the company’s stock, valued at $61,505,557.02. This trade represents a 0.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 8th, Joshua Hug sold 5,500 shares of Remitly Global stock. The stock was sold at an average price of $25.03, for a total value of $137,665.00.
• On Tuesday, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The shares were sold at an average price of $23.65, for a total value of $130,075.00.

Remitly Global Stock Up 2.6%

Shares of NASDAQ:RELY opened at $24.13 on Friday. The business’s 50 day moving average is $23.93 and its 200 day moving average is $21.90. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.48. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 17.36 and a beta of 0.39.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%. The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. As a group, equities research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Citizens Jmp upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. KeyCorp increased their price target on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and an average price target of $27.78.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently modified their holdings of RELY. State of Wyoming bought a new stake in shares of Remitly Global in the second quarter valued at $935,000. Squarepoint Ops LLC bought a new position in shares of Remitly Global during the 2nd quarter worth $6,282,000. California State Teachers Retirement System increased its holdings in Remitly Global by 24.7% in the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock worth $3,266,000 after acquiring an additional 41,221 shares during the last quarter. Quantinno Capital Management LP increased its holdings in Remitly Global by 76.7% in the 1st quarter. Quantinno Capital Management LP now owns 119,963 shares of the financial services provider’s stock worth $1,880,000 after acquiring an additional 52,072 shares during the last quarter. Finally, Lead Edge Capital Management LLC bought a new stake in Remitly Global in the 2nd quarter valued at about $60,232,971. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.