Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 3,249 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 3,249 shares of Remitly Global stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $26.53, for a total transaction of $86,195.97. Following the completion of the sale, the director directly owned 1,827,807 shares of the company’s stock, valued at approximately $48,491,719.71. The trade was a 0.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Remitly Global Stock Performance

Shares of RELY stock opened at $25.06 on Thursday. The stock’s 50 day simple moving average is $23.15 and its 200 day simple moving average is $19.74. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 18.03 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the prior year, the company earned $0.03 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Remitly Global in the second quarter valued at approximately $410,752,000. Generation Investment Management LLP acquired a new stake in Remitly Global during the second quarter worth approximately $109,637,000. Bank of America Corp DE grew its position in Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after buying an additional 4,252,294 shares in the last quarter. Lead Edge Capital Management LLC acquired a new stake in Remitly Global during the second quarter worth approximately $60,232,971,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the period. Institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

RELY has been the subject of a number of research reports. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. KeyCorp upped their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $27.67.

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.