Remitly Global (NASDAQ:RELY) Director Sells $257,040.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the transaction, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. The trade was a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Remitly Global Price Performance

RELY opened at $21.58 on Friday. The firm has a market capitalization of $4.54 billion, a P/E ratio of 44.04 and a beta of 0.40. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The company’s 50-day moving average is $19.06 and its 200 day moving average is $15.85.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping 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 company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 earnings per share. On average, equities research analysts expect that Remitly Global, Inc. will post 0.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on RELY shares. Monness Crespi & Hardt lifted their price objective 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. Oppenheimer set a $20.00 price objective on shares of Remitly Global in a research report on Thursday, February 19th. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, May 7th. Finally, Citizens Jmp lifted their price objective 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 investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.63.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently modified their holdings of the business. Baillie Gifford & Co. increased its stake in shares of Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after purchasing an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of Remitly Global by 46.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after purchasing an additional 1,748,576 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Remitly Global by 471.7% in 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. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.