Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 16,751 Shares

Key Points

• Remitly Global director Nigel Morris sold 16,751 shares at an average price of $26.56, generating approximately $444,907. He retained 1.81 million shares worth about $48.1 million.
• Remitly shares fell 1.8% to $25.75, while the company’s market capitalization stood at approximately $5.45 billion.
• The company recently reported strong quarterly results, with revenue rising 20.2% year over year to $495.16 million and EPS of $0.93, well above estimates. Analysts maintain a consensus “Buy” rating with an average price target of $27.78.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 16,751 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $26.56, for a total value of $444,906.56. Following the transaction, the director directly owned 1,811,056 shares in the company, valued at approximately $48,101,647.36. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Remitly Global Stock Down 1.8%

Shares of Remitly Global stock traded down $0.47 during trading on Wednesday, reaching $25.75. The company's stock had a trading volume of 3,161,159 shares, compared to its average volume of 3,961,863. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 18.53 and a beta of 0.34. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The company has a 50-day simple moving average of $23.68 and a two-hundred day simple moving average of $20.11.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same period in the prior year, the company posted $0.03 EPS. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

RELY has been the subject of several research analyst reports. KeyCorp increased their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Citigroup restated an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. Zacks Research raised shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Weiss Ratings upgraded shares of Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of "Buy" and an average price target of $27.78.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently modified their holdings of RELY. HighTower Advisors LLC lifted its holdings in shares of Remitly Global by 10.7% in the 2nd quarter. HighTower Advisors LLC now owns 17,437 shares of the financial services provider's stock valued at $391,000 after buying an additional 1,684 shares during the period. California State Teachers Retirement System lifted its stake in shares of Remitly Global by 2,123.3% in the 2nd quarter. California State Teachers Retirement System now owns 4,633,604 shares of the financial services provider's stock valued at $103,839,000 after purchasing an additional 4,425,195 shares during the period. Compass Financial Management LLC purchased a new stake in Remitly Global during the second quarter worth $82,000. AXQ Capital LP purchased a new stake in Remitly Global during the second quarter worth $357,000. Finally, Nykredit A S acquired a new stake in Remitly Global during the second quarter valued at $40,000. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.