Joshua Hug Sells 34,383 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 34,383 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $24.89, for a total transaction of $855,792.87. Following the transaction, the director directly owned 3,482,320 shares of the company’s stock, valued at $86,674,944.80. This represents a 0.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were 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 shares were 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 transaction of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $23.31 on Friday. The firm’s 50-day simple moving average is $18.52 and its 200-day simple moving average is $15.63. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92. The firm has a market cap of $4.91 billion, a P/E ratio of 47.57 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm’s revenue was up 25.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. On average, equities analysts forecast that Remitly Global, Inc. will post 0.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Torren Management LLC acquired a new position in Remitly Global during the 4th quarter worth about $25,000. Summit Securities Group LLC acquired a new position in Remitly Global during the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global during the 4th quarter worth about $28,000. GAMMA Investing LLC raised its position in Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,628 shares during the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in Remitly Global in the 3rd quarter worth approximately $33,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RELY. The Goldman Sachs Group reiterated a “buy” rating and set a $27.00 target price on shares of Remitly Global in a research report on Thursday, May 7th. KeyCorp increased their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Finally, Citizens Jmp increased their target price on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.63.

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.