Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 40,000 Shares of Stock

Key Points

• Director Phillip John Riese sold 40,000 shares on April 17 at an average price of $20.04 for $801,600, cutting his stake by 24.62% to 122,496 shares; the transaction was executed under a pre-arranged Rule 10b5-1 trading plan and disclosed to the SEC.
• Remitly posted a quarterly earnings beat (EPS $0.19 vs. $0.02 expected) with revenue of $442.2M (up 25.7% YoY); the stock trades near $20.80 and carries an average analyst price target of $22.67 with a consensus "Buy" rating.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Phillip John Riese sold 40,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $20.04, for a total transaction of $801,600.00. Following the sale, the director directly owned 122,496 shares of the company's stock, valued at $2,454,819.84. This represents a 24.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Remitly Global Trading Up 0.8%

NASDAQ:RELY traded up $0.16 on Tuesday, reaching $20.80. 2,975,178 shares of the stock traded hands, compared to its average volume of 3,701,612. The firm has a market capitalization of $4.38 billion, a price-to-earnings ratio of 67.10, a price-to-earnings-growth ratio of 0.71 and a beta of 0.09. The company's 50 day moving average is $16.19 and its 200-day moving average is $14.88. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same quarter last year, the firm posted ($0.03) EPS. The company's quarterly revenue was up 25.7% on a year-over-year basis. Equities research analysts anticipate that Remitly Global, Inc. will post 0.51 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RELY shares. Oppenheimer set a $20.00 target price on Remitly Global in a research report on Thursday, February 19th. Citizens Jmp lifted their target price on Remitly Global from $20.00 to $22.00 and gave the company a "market outperform" rating in a report on Thursday, February 19th. The Goldman Sachs Group lifted their target price on Remitly Global from $17.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, February 19th. JPMorgan Chase & Co. dropped their price target on Remitly Global from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday, January 20th. Finally, Weiss Ratings upgraded Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $22.67.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently modified their holdings of the stock. LB Partners LLC boosted its position in shares of Remitly Global by 60.4% during the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider's stock valued at $16,554,000 after buying an additional 382,314 shares during the last quarter. Renaissance Group LLC raised its stake in shares of Remitly Global by 52.0% in the third quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider's stock worth $8,069,000 after buying an additional 169,271 shares during the period. Capelight Capital Asset Management LP bought a new position in shares of Remitly Global in the fourth quarter worth about $1,380,000. JPMorgan Chase & Co. raised its stake in Remitly Global by 5.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider's stock valued at $34,862,000 after purchasing an additional 104,716 shares during the period. Finally, Baillie Gifford & Co. raised its stake in Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider's stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

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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