Remitly Global (NASDAQ:RELY) Director Sells 69,818 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 69,818 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total value of $1,643,515.72. Following the sale, the director owned 261,094 shares of the company’s stock, valued at approximately $6,146,152.76. This trade represents a 21.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Phillip John Riese also recently made the following trade(s):

• On Tuesday, August 11th, Phillip John Riese sold 100,000 shares of Remitly Global stock. The shares were sold at an average price of $23.73, for a total value of $2,373,000.00.
• On Friday, August 7th, Phillip John Riese sold 160,182 shares of Remitly Global stock. The stock was sold at an average price of $24.94, for a total value of $3,994,939.08.

Remitly Global Trading Up 5.7%

Remitly Global stock traded up $1.39 during trading hours on Thursday, reaching $25.62. 3,241,725 shares of the company were exchanged, compared to its average volume of 4,016,890. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of 18.43 and a beta of 0.34. The stock has a 50-day moving average of $22.44 and a 200 day moving average of $19.32. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same quarter last year, the firm posted $0.03 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, research analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of RELY. BlackRock Inc. bought a new position in shares of Remitly Global during the 2nd quarter worth about $410,752,000. Generation Investment Management LLP bought a new stake in shares of Remitly Global in the second quarter valued at about $109,637,000. Bank of America Corp DE grew its position in Remitly Global by 471.7% during 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 buying an additional 4,252,294 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Remitly Global by 86.0% during 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 buying an additional 2,567,446 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after acquiring an additional 1,962,076 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on RELY. KeyCorp lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Finally, Wolfe Research reissued an “outperform” rating and set a $31.00 price objective on shares of Remitly Global in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate 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.