Joshua Hug Sells 5,500 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 5,500 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $23.65, for a total transaction of $130,075.00. Following the completion of the transaction, the director directly owned 2,675,389 shares of the company’s stock, valued at approximately $63,272,949.85. The trade was a 0.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $22.97, for a total transaction of $385,896.00.
• On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The stock was sold at an average price of $20.76, for a total transaction of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total value of $170,850.00.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The shares were sold at an average price of $21.03, for a total value 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.

Remitly Global Trading Up 5.7%

RELY traded up $1.39 on Thursday, reaching $25.62. The stock had a trading volume of 3,241,727 shares, compared to its average volume of 4,016,890. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The firm has a 50-day moving average of $22.44 and a 200-day moving average of $19.32. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 18.43 and a beta of 0.34.

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

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. Summit Securities Group LLC acquired a new stake in Remitly Global during the 1st quarter valued at approximately $26,000. Torren Management LLC acquired a new position in shares of Remitly Global in the 4th quarter worth approximately $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global in the 4th quarter valued at $28,000. GAMMA Investing LLC boosted its stake in shares of Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the last quarter. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global during the fourth quarter worth $35,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RELY has been the topic of several recent research reports. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. KeyCorp boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and an average price target of $27.67.

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.