Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 6,300 Shares

Key Points

• Remitly Global director Nigel Morris sold 6,300 shares at an average price of $27.03, generating $170,289. His remaining stake totaled 1,804,756 shares, a 0.35% reduction.
• Remitly reported strong quarterly results, with revenue rising 20.2% year over year to $495.16 million and EPS of $0.93, well above the $0.12 consensus estimate.
• Analysts remain broadly bullish, with a consensus “Buy” rating and a $27.78 price target; several firms recently raised their targets to between $30 and $33.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 6,300 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total value of $170,289.00. Following the completion of the transaction, the director owned 1,804,756 shares in the company, valued at $48,782,554.68. This represents a 0.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Remitly Global Price Performance

RELY traded down $0.75 during midday trading on Friday, hitting $26.17. 2,115,361 shares of the company's stock traded hands, compared to its average volume of 3,949,034. The company has a market cap of $5.54 billion, a PE ratio of 18.83 and a beta of 0.36. The stock's fifty day simple moving average is $24.43 and its 200-day simple moving average is $20.76. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.48.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $486.25 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Citizens Jmp raised their price objective on Remitly Global from $30.00 to $32.00 and gave the company a "market outperform" rating in a research note on Thursday, August 6th. KeyCorp boosted their target price on Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Wolfe Research upped their target price on Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Remitly Global has a consensus rating of "Buy" and a consensus price target of $27.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LP grew its position in shares of Remitly Global by 5.5% in the second quarter. Corient Private Wealth LP now owns 209,457 shares of the financial services provider's stock valued at $4,694,000 after purchasing an additional 10,843 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Remitly Global by 10.7% during the 2nd quarter. HighTower Advisors LLC now owns 17,437 shares of the financial services provider's stock worth $391,000 after purchasing an additional 1,684 shares during the last quarter. California State Teachers Retirement System boosted its stake in Remitly Global by 2,123.3% during 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 bought a new stake in Remitly Global during the 2nd quarter valued at approximately $82,000. Finally, AXQ Capital LP acquired a new stake in Remitly Global in the 2nd quarter valued at approximately $357,000. 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.

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