Nigel Morris Sells 20,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 20,000 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.26, for a total transaction of $525,200.00. Following the completion of the sale, the director directly owned 1,831,056 shares of the company’s stock, valued at $48,083,530.56. The trade was a 1.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Remitly Global Trading Down 1.4%

Remitly Global stock opened at $24.71 on Friday. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 17.78 and a beta of 0.34. The company’s 50-day moving average price is $23.27 and its two-hundred day moving average price is $19.82. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.15.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. During the same period last year, the firm posted $0.03 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. Research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently modified their holdings of RELY. BlackRock Inc. acquired a new stake in shares of Remitly Global during the second quarter worth $410,752,000. Marshall Wace LLP boosted its position in shares of Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after purchasing an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the period. Bank of America Corp DE increased its stake in Remitly Global by 471.7% in the 1st 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. Finally, Generation Investment Management LLP acquired a new stake in Remitly Global during the 2nd quarter worth about $109,637,000. 74.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Citizens Jmp boosted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. The Goldman Sachs Group upped their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, KeyCorp raised their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Two 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 stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $27.67.

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.