Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 8,938 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 8,938 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $25.43, for a total transaction of $227,293.34. Following the sale, the director directly owned 1,882,056 shares in the company, valued at approximately $47,860,684.08. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Remitly Global Trading Up 2.0%

Shares of RELY opened at $23.61 on Wednesday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15. The firm has a market capitalization of $5.00 billion, a P/E ratio of 16.99 and a beta of 0.34. The firm’s 50-day moving average is $22.35 and its two-hundred day moving average is $19.25.

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

Hedge Funds Weigh In On Remitly Global

Institutional investors have recently made changes to their positions in the stock. Torren Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at $25,000. Summit Securities Group LLC acquired a new stake in shares of Remitly Global during the first quarter valued at $26,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global during the 4th quarter worth about $28,000. HighMark Wealth Management LLC purchased a new stake in Remitly Global during the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC raised its stake in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,545 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RELY shares. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. KeyCorp increased their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Citizens Jmp lifted their target price on shares of 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 reaffirmed an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $27.67.

More Remitly Global News

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

• Positive Sentiment: Cantor Fitzgerald raised its price target for Remitly Global from $28 to $30 and maintained an “overweight” rating, implying substantial potential upside. The upgrade reflects confidence in the company’s growth prospects and remittance-business initiatives. StreetInsider analyst price-target article
• Positive Sentiment: A recent management discussion highlighted key initiatives, remittance-business performance and potential growth accelerators. While the transcript did not provide a new financial forecast in the supplied report, the focus on expansion and operating execution may reinforce the constructive investor outlook. Remitly Global initiatives and growth transcript
• Neutral Sentiment: Reported short interest was listed at zero shares, with a zero-day short-interest ratio. Because the figures show no measurable short position and the reported percentage change is not meaningful, this data offers little directional information for RELY.
• Negative Sentiment: Director Phillip John Riese sold 100,000 shares on August 11 at an average price of $23.73, reducing his direct ownership by 27.69%. The sale follows his disposal of 160,182 shares on August 7, representing a combined transaction value of approximately $6.37 million and potentially signaling profit-taking or reduced insider exposure. SEC insider transaction filing
• Negative Sentiment: Director Nigel W. Morris sold 8,938 shares at an average price of $25.43. The sale reduced his direct stake by only 0.47%, making it less significant than Riese’s transactions, but it adds to the recent pattern of insider selling. SEC insider transaction filing

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.