Joshua Hug Sells 16,033 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,033 shares of Remitly Global stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $20.76, for a total value of $332,845.08. Following the completion of the transaction, the director directly owned 3,402,257 shares of the company’s stock, valued at approximately $70,630,855.32. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The stock was sold at an average price of $20.10, for a total transaction 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 transaction of $706,608.00.
• 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 transaction of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The shares were sold at an average price of $24.89, for a total transaction 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 transaction of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was 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 stock was sold at an average price of $15.99, for a total transaction of $22,865.70.

Remitly Global Stock Up 3.3%

Shares of RELY stock opened at $21.10 on Friday. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92. The stock has a market capitalization of $4.44 billion, a PE ratio of 43.06 and a beta of 0.37. The firm has a 50 day moving average of $20.60 and a two-hundred day moving average of $16.74.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company’s revenue was up 25.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 earnings per share. Analysts expect that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RELY. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Cantor Fitzgerald lifted their price objective on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Finally, Citizens Jmp raised their target price on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. One equities 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.62.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Empowered Funds LLC lifted its holdings in Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after buying an additional 1,050 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Remitly Global by 124.2% in the 1st quarter. Parallel Advisors LLC now owns 15,540 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 8,609 shares during the last quarter. Essential Partners LLC increased its holdings in shares of Remitly Global by 181.8% in the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 2,116 shares during the last quarter. Bank of America Corp DE raised its position in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after acquiring an additional 4,252,294 shares in the last quarter. Finally, Amundi acquired a new stake in shares of Remitly Global during the 1st quarter worth about $293,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.