Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $2,373,000.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 100,000 shares of the stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Wednesday, August 12th, Phillip John Riese sold 69,818 shares of Remitly Global stock. The shares were sold at an average price of $23.54, for a total transaction of $1,643,515.72.
• 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 Up 5.7%

NASDAQ:RELY opened at $25.62 on Friday. The company has a market cap of $5.42 billion, a P/E ratio of 18.43 and a beta of 0.34. The firm’s 50 day moving average is $22.56 and its two-hundred day moving average is $19.41. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.03 EPS. Research analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RELY has been the subject of several research analyst reports. Wolfe Research restated an “outperform” rating and set a $31.00 price target on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald lifted their price objective on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday. The Goldman Sachs Group boosted their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Citizens Jmp raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. One investment 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Institutional Trading of Remitly Global

A number of hedge funds have recently made changes to their positions in RELY. Pekin Hardy Strauss Inc. increased its stake in shares of Remitly Global by 581.8% in the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after buying an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP bought a new position in Remitly Global during the 4th quarter valued at $1,380,000. GSA Capital Partners LLP boosted its stake in Remitly Global by 1,484.2% during the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after acquiring an additional 338,244 shares during the last quarter. Baillie Gifford & Co. grew its holdings in Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after acquiring an additional 3,790,210 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Remitly Global by 44.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after acquiring an additional 292,991 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

More Remitly Global News

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

• Positive Sentiment: Analyst targets remain above the current share price. Cantor Fitzgerald raised its price target from $28 to $30 while maintaining an “overweight” rating. Wolfe Research also reiterated an “outperform” rating with a $31 target, and KeyCorp raised its target to $33. The analyst consensus is “Moderate Buy,” with an average target of $27.67. Remitly Global analyst price target article
• Positive Sentiment: Recent operating performance provides a favorable backdrop. Remitly reported quarterly EPS of $0.93, well above the $0.12 consensus estimate, while revenue of $495.16 million exceeded expectations and rose 20.2% year over year. Investors are also reviewing management’s comments and analyst questions from the second-quarter earnings call for additional growth catalysts. Remitly second-quarter earnings call article
• Neutral Sentiment: Joshua Hug sold 5,500 shares at an average price of $23.65, worth approximately $130,075. The transaction reduced his ownership by just 0.21% and was executed under a pre-arranged Rule 10b5-1 trading plan, making it less concerning as a signal of changing business expectations. SEC filing for Joshua Hug transaction
• Negative Sentiment: Director Phillip John Riese reported substantial selling. Recent transactions included 160,182 shares sold on August 7, 100,000 shares sold on August 11, and 69,818 shares sold on August 12, with reported proceeds totaling roughly $8.0 million. The sales significantly reduced his direct stake and could encourage profit-taking concerns after RELY’s recent rally. Phillip John Riese Remitly Global insider sale article
• Negative Sentiment: Director Nigel Morris sold 8,938 shares for approximately $227,293. Although the transaction reduced his position by only 0.47%, it adds to the broader pattern of insider selling. Remitly Global insider selling report

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.