Phillip John Riese Sells 69,818 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 69,818 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the completion of the transaction, the director owned 261,094 shares of the company’s stock, valued at approximately $6,146,152.76. This trade represents a 21.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, August 11th, Phillip John Riese sold 100,000 shares of Remitly Global stock. The stock was sold at an average price of $23.73, for a total transaction of $2,373,000.00.
• On Friday, August 7th, Phillip John Riese sold 160,182 shares of Remitly Global stock. The stock was sold at an average price of $24.94, for a total transaction of $3,994,939.08.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $26.30 on Friday. The firm has a 50 day moving average price of $22.71 and a two-hundred day moving average price of $19.45. The stock has a market cap of $5.57 billion, a P/E ratio of 18.92 and a beta of 0.34. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results 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 company had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. Remitly Global’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. Analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. KeyCorp lifted their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Wolfe Research reiterated an “outperform” rating and issued a $31.00 target price on shares of Remitly Global in a report on Thursday, August 6th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Citizens Jmp raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Torren Management LLC acquired a new position in Remitly Global in the fourth quarter valued at approximately $25,000. Summit Securities Group LLC bought a new stake in shares of Remitly Global in the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global during the 4th quarter valued at $28,000. HighMark Wealth Management LLC acquired a new position in shares of Remitly Global during the 4th quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,545 shares in the last quarter. 74.25% of the stock is 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.