Remitly Global (NASDAQ:RELY) Director Sells $214,560.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 12,000 shares of the firm’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $17.88, for a total value of $214,560.00. Following the completion of the sale, the director directly owned 3,562,303 shares of the company’s stock, valued at approximately $63,693,977.64. This trade represents a 0.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joshua Hug also recently made the following trade(s):

• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The shares were sold at an average price of $15.99, for a total value of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The shares were sold at an average price of $17.98, for a total value of $522,301.02.

Remitly Global Price Performance

Remitly Global stock opened at $20.01 on Friday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The business has a fifty day moving average of $16.05 and a two-hundred day moving average of $14.87. The company has a market cap of $4.22 billion, a P/E ratio of 64.55, a price-to-earnings-growth ratio of 0.70 and a beta of 0.09.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same quarter last year, the company earned ($0.03) earnings per share. Remitly Global’s quarterly revenue was up 25.7% compared to the same quarter last year. As a group, analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on RELY shares. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Citizens Jmp raised their price target on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. JPMorgan Chase & Co. dropped their price target on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Bank of America began coverage on Remitly Global in a research report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target for the company. Finally, Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global has a consensus rating of “Buy” and an average target price of $22.78.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. LB Partners LLC increased its position in shares of Remitly Global by 60.4% in the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock valued at $16,554,000 after buying an additional 382,314 shares in the last quarter. Renaissance Group LLC increased its position in shares of Remitly Global by 52.0% in the third quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock valued at $8,069,000 after buying an additional 169,271 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Remitly Global by 5.1% in the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock valued at $34,862,000 after buying an additional 104,716 shares in the last quarter. Capelight Capital Asset Management LP purchased a new stake in Remitly Global during the 4th quarter worth about $1,380,000. Finally, Baillie Gifford & Co. increased its position 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 purchasing an additional 3,790,210 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.