Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $281,490.00 in Stock

Key Points

• Director Nigel Morris sold 11,000 Remitly Global shares at an average price of $25.59, generating $281,490. After the transaction, he retained 1,871,056 shares.
• Remitly reported strong quarterly results, with revenue up 20.2% year over year to $495.16 million and EPS of $0.93, well above the $0.12 consensus estimate.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $27.67; shares recently traded at $26.30.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 11,000 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $25.59, for a total value of $281,490.00. Following the sale, the director owned 1,871,056 shares in the company, valued at approximately $47,880,323.04. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Remitly Global Price Performance

RELY stock remained flat at $26.30 during midday trading on Monday. The company had a trading volume of 2,144,114 shares, compared to its average volume of 4,003,171. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The stock's 50 day simple moving average is $22.71 and its 200-day simple moving average is $19.49. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of 18.92 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The business's revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. Summit Securities Group LLC bought a new position in shares of Remitly Global in the first quarter valued at about $26,000. Torren Management LLC bought a new stake in Remitly Global during the 4th quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the 4th quarter worth about $28,000. GAMMA Investing LLC increased its position in Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 677 shares in the last quarter. Finally, HighMark Wealth Management LLC acquired a new stake in Remitly Global in the 4th quarter valued at about $35,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RELY has been the subject of several recent research reports. KeyCorp increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Citizens Jmp upped 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. Weiss Ratings raised Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. The Goldman Sachs Group raised their target price on Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. Finally, Zacks Research cut Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $27.67.

Remitly Global Company Profile

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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