Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Director Sells 5,000 Shares of Stock

Key Points

• Phillip John Riese, a director at Remitly Global, Inc., sold 5,000 shares of the company's stock for a total of $100,000 on August 14th, decreasing his ownership by 4.26%.
• Remitly's stock price recently reached $19.87 with a market cap of $4.10 billion, and has a high P/E ratio of 331.22.
• The company reported $0.04 earnings per share for the last quarter, missing expectations, but showed significant revenue growth of 34.4% compared to the previous year.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the sale, the director owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Tuesday, June 10th, Phillip John Riese sold 5,000 shares of Remitly Global stock. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00.

Remitly Global Stock Performance

Shares of Remitly Global stock traded up $0.27 on Monday, reaching $19.87. The stock had a trading volume of 2,240,116 shares, compared to its average volume of 2,952,799. The business's 50-day moving average price is $18.44 and its two-hundred day moving average price is $20.70. Remitly Global, Inc. has a fifty-two week low of $12.43 and a fifty-two week high of $27.32. The stock has a market cap of $4.10 billion, a P/E ratio of 331.22 and a beta of 0.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). The business had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company's quarterly revenue was up 34.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.06) EPS. As a group, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Stifel Financial Corp increased its holdings in Remitly Global by 10.4% in the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock valued at $1,290,000 after buying an additional 5,390 shares during the period. Teacher Retirement System of Texas bought a new stake in Remitly Global in the 1st quarter valued at $1,231,000. Bank of Montreal Can increased its holdings in Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after buying an additional 1,435 shares during the period. Wells Fargo & Company MN increased its holdings in Remitly Global by 53.1% in the 4th quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock valued at $1,597,000 after buying an additional 24,559 shares during the period. Finally, KBC Group NV increased its holdings in Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after buying an additional 1,823 shares during the period. Institutional investors own 74.25% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on RELY shares. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday. KeyCorp reissued an "overweight" rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Monness Crespi & Hardt boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Barclays boosted their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $29.00.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.

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