Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 5,500 Shares of Stock

Key Points

• Director Joshua Hug sold 5,500 Remitly Global shares at an average price of $25.03, generating $137,665 under a pre-arranged Rule 10b5-1 plan. He still owns approximately 2.66 million shares.
• 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 maintain a positive outlook, with the stock carrying a consensus “Buy” rating and a $27.78 target price, compared with a recent trading price of $21.93.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 5,500 shares of Remitly Global stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $25.03, for a total value of $137,665.00. Following the sale, the director owned 2,664,389 shares of the company's stock, valued at approximately $66,689,656.67. This trade represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joshua Hug also recently made the following trade(s):

• On Tuesday, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00.
• On Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were sold at an average price of $22.97, for a total transaction of $385,896.00.
• 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 transaction of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total transaction of $170,850.00.

Remitly Global Price Performance

RELY stock traded down $2.14 during mid-day trading on Thursday, reaching $21.93. The company had a trading volume of 6,934,802 shares, compared to its average volume of 3,965,753. The company has a market capitalization of $4.64 billion, a PE ratio of 15.78 and a beta of 0.36. The firm has a 50 day moving average of $24.64 and a 200 day moving average of $21.08. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.48.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating 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 firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. The company's revenue was up 20.2% on a year-over-year basis. Analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new position in Remitly Global in the first quarter valued at about $26,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the fourth quarter valued at about $28,000. IFP Advisors Inc lifted its position in shares of Remitly Global by 59.1% during the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider's stock valued at $32,000 after buying an additional 527 shares during the last quarter. HighMark Wealth Management LLC bought a new stake in shares of Remitly Global in the 4th quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider's stock valued at $36,000 after buying an additional 1,545 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RELY. Monness Crespi & Hardt reissued a "buy" rating on shares of Remitly Global in a research report on Thursday, August 6th. Wolfe Research lifted their price objective on Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Tuesday, August 25th. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Weiss Ratings raised shares of Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Finally, Zacks Research upgraded shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $27.78.

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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