Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 8,500 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 8,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $20.10, for a total value of $170,850.00. Following the completion of the sale, the director directly owned 3,418,290 shares of the company’s stock, valued at $68,707,629. This trade represents a 0.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The shares were sold at an average price of $20.76, for a total transaction of $332,845.08.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The stock was sold at an average price of $21.03, for a total transaction of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total value of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $21.56, for a total transaction of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was sold at an average price of $17.88, for a total transaction of $214,560.00.
• 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.

Remitly Global Stock Performance

RELY opened at $20.43 on Thursday. The firm has a market cap of $4.30 billion, a P/E ratio of 41.69 and a beta of 0.37. The firm has a 50-day moving average of $20.49 and a 200 day moving average of $16.69. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same period in the prior year, the firm earned $0.05 EPS. The company’s revenue was up 25.2% compared to the same quarter last year. Equities research analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RELY has been the subject of several recent research reports. Freedom Capital raised Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Monness Crespi & Hardt increased their target price on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Cantor Fitzgerald increased their target price on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Torren Management LLC bought a new position in shares of Remitly Global in the 4th quarter worth $25,000. Summit Securities Group LLC bought a new position in Remitly Global in the first quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global in the fourth quarter valued at $28,000. GAMMA Investing LLC increased its stake in Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,628 shares during the last quarter. Finally, HighMark Wealth Management LLC bought a new position in Remitly Global in the fourth quarter valued at $35,000. 74.25% of the stock is owned by institutional investors.

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.