Phillip John Riese Sells 100,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 100,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.73, for a total transaction of $2,373,000.00. Following the transaction, the director owned 261,094 shares in the company, valued at approximately $6,195,760.62. The trade was a 27.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Phillip John Riese also recently made the following trade(s):

• On Friday, August 7th, Phillip John Riese sold 160,182 shares of Remitly Global stock. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08.

Remitly Global Stock Performance

Shares of RELY stock traded up $0.47 during trading on Tuesday, hitting $23.61. The company had a trading volume of 3,014,015 shares, compared to its average volume of 3,195,756. The firm has a market capitalization of $5.00 billion, a P/E ratio of 16.99 and a beta of 0.34. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15. The stock’s 50-day moving average price is $22.35 and its 200 day moving average price is $19.25.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company earned $0.03 EPS. On average, research analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Cantor Fitzgerald raised their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday. Citizens Jmp lifted their price target on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and an average target price of $27.67.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its position in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after buying an additional 677 shares during the period. California State Teachers Retirement System lifted its position in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after acquiring an additional 679 shares during the period. Main Management ETF Advisors LLC lifted its position in shares of Remitly Global by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after acquiring an additional 984 shares during the period. Empowered Funds LLC boosted its stake in Remitly Global by 2.9% during the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after acquiring an additional 1,050 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its stake in Remitly Global by 8.4% during the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 1,184 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.