Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 11,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 11,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $25.59, for a total transaction of $281,490.00. Following the completion of the transaction, the director owned 1,871,056 shares in the company, valued at approximately $47,880,323.04. This trade represents a 0.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Remitly Global Price Performance

RELY opened at $26.30 on Tuesday. The business has a fifty day simple moving average of $22.87 and a 200 day simple moving average of $19.58. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The company has a market capitalization of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter last year, the business earned $0.03 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

RELY has been the subject of a number of recent research reports. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp increased their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Wolfe Research reissued an “outperform” rating and set a $31.00 price target on shares of Remitly Global in a research report on Thursday, August 6th. Finally, KeyCorp raised 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. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and an average price target of $27.67.

Key Headlines Impacting Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded Remitly to Rank #1, or “Strong Buy.” The upgrade reflects improving expectations for the company’s earnings prospects and could provide near-term support for RELY shares. Zacks Strong Buy rating upgrade article
• Positive Sentiment: Rising earnings estimates signal potential upside. Zacks said recent estimate revisions indicate strengthening analyst expectations, a factor that can improve sentiment and momentum around the stock. Rising earnings estimates article
• Positive Sentiment: RELY was included on multiple Zacks Strong Buy and momentum-stock lists. The additional visibility may attract short-term momentum-oriented investors. Zacks momentum stocks article
• Positive Sentiment: Brokerages maintain a consensus “Moderate Buy” recommendation. This indicates generally favorable, though not unanimous, Wall Street sentiment. Remitly brokerage recommendation article
• Neutral Sentiment: Remitly’s latest reported quarter showed revenue growth of 20.2% year over year and adjusted earnings that substantially exceeded consensus expectations, providing fundamental support for the recent advance.
• Negative Sentiment: Director Nigel W. Morris sold 31,000 shares for approximately $805,490 across August 13–14. The sales were relatively small compared with his remaining ownership of more than 1.85 million shares, but continued insider selling can temper bullish sentiment. SEC insider transaction filing

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently made changes to their positions in RELY. Summit Securities Group LLC acquired a new position in Remitly Global during the 1st quarter worth approximately $26,000. Torren Management LLC acquired a new stake in Remitly Global in the fourth quarter valued at approximately $25,000. Cullen Frost Bankers Inc. acquired a new stake in Remitly Global in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC grew its stake in shares of Remitly Global by 45.4% during the second 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 last quarter. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the fourth quarter worth $35,000. 74.25% of the stock is owned by institutional investors.

About Remitly Global

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.