Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $86,195.97 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 3,249 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total value of $86,195.97. Following the sale, the director directly owned 1,827,807 shares of the company’s stock, valued at $48,491,719.71. This represents a 0.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Remitly Global Stock Performance

Shares of RELY stock opened at $26.67 on Friday. The company has a market cap of $5.65 billion, a P/E ratio of 19.19 and a beta of 0.34. The stock has a 50 day simple moving average of $23.42 and a two-hundred day simple moving average of $19.87. 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 posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 EPS. On average, research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Citizens Jmp increased 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 note on Thursday, August 6th. Wolfe Research reiterated an “outperform” rating and set a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Remitly Global currently has an average rating of “Buy” and a consensus target price of $27.67.

Hedge Funds Weigh In On Remitly Global

Large investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 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 valued at $1,848,000 after purchasing an additional 3,870 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Remitly Global by 57.1% in the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after buying an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Remitly Global during the first quarter valued at about $218,000. Focus Partners Wealth acquired a new position in shares of Remitly Global during the first quarter valued at about $1,458,000. Finally, Cetera Investment Advisers increased its position in shares of 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 acquiring an additional 1,286 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.