Joshua Hug Sells 16,800 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 16,800 shares of Remitly Global stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the transaction, the director directly owned 3,385,457 shares in the company, valued at approximately $77,763,947.29. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a document filed 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 Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The shares were sold at an average price of $20.76, for a total value of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The stock was sold at an average price of $20.10, for a total transaction 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 transaction of $706,608.00.
• 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 transaction 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 transaction 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 transaction 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 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.

Remitly Global Stock Performance

NASDAQ RELY opened at $22.95 on Thursday. The firm’s fifty day moving average is $21.21 and its two-hundred day moving average is $17.25. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The firm has a market cap of $4.83 billion, a PE ratio of 46.84 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business’s quarterly revenue was up 25.2% compared to the same quarter last year. Research analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Hedge Funds Weigh In On Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after buying an additional 3,870 shares in the last quarter. Millennium Management LLC grew its holdings in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after acquiring an additional 124,798 shares during the period. Caxton Associates LLP acquired a new position in Remitly Global during the first quarter worth $218,000. Focus Partners Wealth purchased a new position in Remitly Global in the first quarter worth $1,458,000. Finally, Cetera Investment Advisers raised its position in Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 1,286 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of several analyst reports. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. KeyCorp upped their price target on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $27.00 price target on shares of Remitly Global in a report on Thursday, May 7th. Citizens Jmp lifted their price objective on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.62.

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.