Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells $524,000.00 in Stock

Key Points

• Remitly Global director Nigel Morris sold 20,000 shares at an average price of $26.20, generating $524,000 and reducing his ownership by 1.07% to 1,851,056 shares.
• Remitly reported strong quarterly results, with EPS of $0.93 versus the $0.12 consensus and revenue of $495.16 million, up 20.2% year over year.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $27.67; institutional investors own 74.25% of the stock.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 20,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $26.20, for a total transaction of $524,000.00. Following the completion of the sale, the director owned 1,851,056 shares in the company, valued at approximately $48,497,667.20. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Remitly Global Price Performance

Shares of NASDAQ:RELY remained flat at $26.30 during trading on Monday. 2,144,114 shares of the company were exchanged, compared to its average volume of 4,003,171. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The company's 50 day moving average price is $22.71 and its 200 day moving average price is $19.49. The stock has a market cap of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS 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 company had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter last year, the business posted $0.03 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. On average, equities analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on RELY shares. Cantor Fitzgerald increased their price target on Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Citizens Jmp lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 6th. Monness Crespi & Hardt reaffirmed a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Finally, Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.67.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Remitly Global during the second quarter valued at approximately $410,752,000. Marshall Wace LLP grew its stake in Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider's stock worth $82,741,000 after purchasing an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the period. Bank of America Corp DE increased its holdings in 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 purchasing an additional 4,252,294 shares during the period. Finally, Generation Investment Management LLP bought a new stake in Remitly Global during the 2nd quarter valued at $109,637,000. 74.25% of the stock is currently owned by 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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