Remitly Global Sees Unusually High Options Volume (NASDAQ:RELY)

Remitly Global, Inc. (NASDAQ:RELY) was the target of some unusual options trading activity on Friday. Investors bought 2,262 put options on the stock. This represents an increase of 134% compared to the average daily volume of 965 put options.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RELY shares. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Cantor Fitzgerald raised their target price on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. Wolfe Research lifted their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Citizens Jmp upped their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.78.

Insider Buying and Selling at Remitly Global

In other news, Director Joshua Hug sold 5,500 shares of the stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $23.18, for a total value of $127,490.00. Following the sale, the director owned 2,653,389 shares in the company, valued at $61,505,557.02. This represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 6,300 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total transaction of $170,289.00. Following the transaction, the director directly owned 1,804,756 shares of the company’s stock, valued at approximately $48,782,554.68. This trade represents a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 309,618 shares of company stock valued at $7,651,767. 6.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RELY. BlackRock Inc. acquired a new position in Remitly Global in the 2nd quarter valued at about $410,752,000. Generation Investment Management LLP acquired a new stake in shares of Remitly Global during the second quarter worth about $109,637,000. Bank of America Corp DE lifted its position in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares in the last quarter. Lead Edge Capital Management LLC purchased a new position in Remitly Global in the 2nd quarter valued at approximately $60,232,971. Finally, Dimensional Fund Advisors LP grew its stake in Remitly Global by 12.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock worth $49,142,000 after purchasing an additional 350,595 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded up $0.11 during trading on Friday, reaching $21.66. The stock had a trading volume of 723,433 shares, compared to its average volume of 3,873,760. Remitly Global has a 1-year low of $12.08 and a 1-year high of $28.00. The stock has a market cap of $4.59 billion, a PE ratio of 13.16 and a beta of 0.46. The business has a fifty day moving average price of $23.66 and a 200-day moving average price of $20.66.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, November 4th. The financial services provider reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.15. Remitly Global had a net margin of 19.14% and a return on equity of 37.93%. The business had revenue of $509.84 million during the quarter, compared to analysts’ expectations of $507.31 million. During the same period in the prior year, the business earned $0.04 earnings per share. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. Sell-side analysts expect that Remitly Global will post 0.85 earnings per share for the current year.

About Remitly Global

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.