Remitly Global (NASDAQ:RELY) Director Sells $281,490.00 in Stock

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

Remitly Global Stock Performance

RELY stock remained flat at $26.30 during midday trading on Monday. The company had a trading volume of 2,144,114 shares, compared to its average volume of 4,003,171. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 18.92 and a beta of 0.34. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The business’s fifty day moving average price is $22.71 and its two-hundred day moving average price is $19.49.

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 the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter in the previous year, the company earned $0.03 EPS. Remitly Global’s revenue was up 20.2% on a year-over-year basis. Equities analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current year.

Institutional Trading of Remitly Global

A number of hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after acquiring an additional 3,870 shares during the last quarter. Millennium Management LLC lifted its holdings in Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP bought a new position in Remitly Global during the first quarter worth $218,000. Focus Partners Wealth bought a new position in Remitly Global during the first quarter worth $1,458,000. Finally, Cetera Investment Advisers boosted its position in Remitly Global by 12.0% during the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,286 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RELY has been the topic of several research analyst reports. 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. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Cantor Fitzgerald increased their price target on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Wolfe Research reissued an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. Finally, Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and an average target price 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.