Joshua Hug Sells 33,600 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 33,600 shares of Remitly Global stock in a transaction on Monday, June 1st. The shares were sold at an average price of $21.03, for a total value of $706,608.00. Following the completion of the transaction, the director owned 3,424,244 shares in the company, valued at $72,011,851.32. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The shares were 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 shares were 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 value 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 value of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total value of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The stock was sold at an average price of $17.98, for a total value of $522,301.02.

Remitly Global Stock Down 4.6%

Shares of Remitly Global stock traded down $0.96 during trading on Tuesday, reaching $20.07. The company’s stock had a trading volume of 4,242,908 shares, compared to its average volume of 4,148,373. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 40.96 and a beta of 0.37. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92. The company has a 50-day simple moving average of $19.66 and a two-hundred day simple moving average of $16.13.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business’s quarterly revenue was up 25.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 EPS. As a group, analysts anticipate that Remitly Global, Inc. will post 0.67 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Bank of America assumed coverage on Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target for the company. Oppenheimer set a $20.00 price target on Remitly Global in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Remitly Global in a research report on Wednesday, May 20th. Finally, KeyCorp lifted their price target on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.63.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently modified their holdings of RELY. Bank of America Corp DE lifted its holdings in shares of 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 valued at $80,759,000 after buying an additional 4,252,294 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings 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 buying an additional 2,567,446 shares during the period. Marshall Wace LLP lifted its holdings in shares of Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after buying an additional 1,962,076 shares during the period. Finally, Azora Capital LP acquired a new position in shares of Remitly Global in the 3rd quarter valued at about $31,213,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.