Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $706,608.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 33,600 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $21.03, for a total value of $706,608.00. Following the completion of the transaction, the director directly owned 3,424,244 shares of the company’s stock, valued at approximately $72,011,851.32. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The shares were sold at an average price of $20.00, for a total value of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $21.56, for a total value of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The shares were sold at an average price of $17.88, for a total transaction of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The shares were sold at an average price of $15.99, for a total transaction of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Stock Performance

RELY stock opened at $19.81 on Friday. The company’s fifty day moving average price is $19.90 and its 200-day moving average price is $16.29. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The company has a market capitalization of $4.17 billion, a PE ratio of 40.43 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. Remitly Global’s quarterly revenue was up 25.2% on a year-over-year basis. During the same period last year, the company posted $0.05 earnings per share. On average, research analysts predict that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently modified their holdings of the stock. Summit Securities Group LLC bought a new position in shares of Remitly Global during the 1st quarter valued at approximately $26,000. Torren Management LLC bought a new stake in Remitly Global in the fourth quarter worth $25,000. Essex Investment Management Co. LLC purchased a new position in Remitly Global during the third quarter worth $33,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global during the fourth quarter worth $28,000. Finally, GAMMA Investing LLC increased its position in Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,628 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RELY shares. Cantor Fitzgerald boosted their target price on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. KeyCorp boosted their price target on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Citizens Jmp increased their price objective on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Finally, Bank of America began coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $24.63.

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.