Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 16,800 Shares of Stock

Key Points

• Director Joshua Hug sold 16,800 shares of Remitly on April 29 at an average price of $21.56 for $362,208 under a pre-arranged Rule 10b5-1 plan, leaving him with 3,533,503 shares (a 0.47% reduction, ~$76.18M value).
• The April 29 sale is part of a string of recent dispositions by Hug (including 29,049 shares on Mar 4 and 12,000 on Apr 14), indicating a pattern of insider selling over the past two months.
• Remitly shares trade around $22.79 (52-week range $12.08–$24.70) with a market cap of about $4.79B; the company recently beat quarterly EPS estimates and carries an average analyst target near $22.67 with a "Moderate Buy" consensus.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 16,800 shares of the firm's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $21.56, for a total value of $362,208.00. Following the sale, the director directly owned 3,533,503 shares in the company, valued at approximately $76,182,324.68. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The shares were sold at an average price of $17.88, for a total value of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total value of $22,865.70.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded up $0.90 during trading on Friday, hitting $22.79. 2,911,984 shares of the stock traded hands, compared to its average volume of 3,620,112. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average price of $17.41 and a two-hundred day moving average price of $15.20. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. The company has a market cap of $4.79 billion, a price-to-earnings ratio of 73.52, a P/E/G ratio of 0.78 and a beta of 0.09.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. During the same period in the prior year, the firm posted ($0.03) earnings per share. The firm's quarterly revenue was up 25.7% compared to the same quarter last year. As a group, equities analysts predict that Remitly Global, Inc. will post 0.51 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Oppenheimer set a $20.00 price target on Remitly Global in a research note on Thursday, February 19th. The Goldman Sachs Group raised their price objective on Remitly Global from $17.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, February 19th. Citizens Jmp boosted their price objective on Remitly Global from $20.00 to $22.00 and gave the company a "market outperform" rating in a research report on Thursday, February 19th. Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Finally, Cantor Fitzgerald increased their target price on Remitly Global from $20.00 to $24.00 and gave the company an "overweight" rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.67.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Villere ST Denis J & Co. LLC acquired a new position in shares of Remitly Global during the first quarter valued at approximately $392,000. Summit Securities Group LLC acquired a new stake in shares of Remitly Global in the first quarter worth approximately $26,000. Seelaus Asset Management LLC purchased a new stake in shares of Remitly Global during the first quarter worth approximately $190,000. Counterpoint Mutual Funds LLC acquired a new position in Remitly Global in the 1st quarter valued at $557,000. Finally, Y Intercept Hong Kong Ltd raised its stake in Remitly Global by 64.1% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 155,418 shares of the financial services provider's stock valued at $2,435,000 after purchasing an additional 60,696 shares during the last quarter. 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.

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.