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 $23.18, generating $127,490. The transaction occurred under a pre-arranged Rule 10b5-1 plan and reduced his ownership by 0.21%.
• Remitly reported quarterly revenue of $495.16 million, up 20.2% year over year, and earnings per share of $0.93, substantially above analysts’ $0.12 estimate.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $27.78; institutional investors own 74.25% of the company.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 5,500 shares of the stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $23.18, for a total value of $127,490.00. Following the sale, the director directly owned 2,653,389 shares in the company, valued at approximately $61,505,557.02. This trade represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 8th, Joshua Hug sold 5,500 shares of Remitly Global stock. The stock was sold at an average price of $25.03, for a total transaction of $137,665.00.
• On Tuesday, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The shares were sold at an average price of $23.65, for a total transaction of $130,075.00.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded up $0.59 during trading hours on Thursday, hitting $23.52. 3,501,151 shares of the stock were exchanged, compared to its average volume of 3,969,951. The company's fifty day simple moving average is $23.90 and its two-hundred day simple moving average is $21.83. The company has a market cap of $4.98 billion, a PE ratio of 16.92 and a beta of 0.39. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.48.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping 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 firm had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. During the same period in the prior year, the company earned $0.03 earnings per share. The company's quarterly revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on RELY. Citigroup restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings raised Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Wolfe Research boosted their price target on Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a report on Tuesday, August 25th. KeyCorp raised their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, Monness Crespi & Hardt restated a "buy" rating on shares of Remitly Global in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $27.78.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Remitly Global in the 2nd quarter valued at about $410,752,000. Generation Investment Management LLP acquired a new position in Remitly Global in the second quarter valued at approximately $109,637,000. Bank of America Corp DE grew its position in shares of Remitly Global by 471.7% during the 1st 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 during the period. Lead Edge Capital Management LLC bought a new stake in shares of Remitly Global in the 2nd quarter valued at $60,232,971. Finally, Capital International Investors acquired a new position in shares of Remitly Global during the 4th quarter valued at $24,328,000. 74.25% of the stock is owned by institutional investors.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly's platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.

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