Joshua Hug Sells 10,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Key Points

• Joshua Hug, a director at Remitly Global, Inc., sold 10,000 shares at an average price of $19.65, resulting in a total transaction value of $196,500.
• Remitly Global's stock has a current market price of $19.87 and experienced a 34.4% year-over-year revenue growth, though it missed earnings estimates for the last quarter.
• Analysts have a consensus rating of "Moderate Buy" for Remitly Global, with a price target range between $26.00 and $32.00 from various firms.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $19.65, for a total value of $196,500.00. Following the sale, the director directly owned 3,663,811 shares of the company's stock, valued at $71,993,886.15. The trade was a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Joshua Hug also recently made the following trade(s):

• On Friday, May 30th, Joshua Hug sold 20,000 shares of Remitly Global stock. The stock was sold at an average price of $21.07, for a total value of $421,400.00.
• On Thursday, May 29th, Joshua Hug sold 60,777 shares of Remitly Global stock. The stock was sold at an average price of $21.22, for a total transaction of $1,289,687.94.

Remitly Global Price Performance

Remitly Global stock traded up $0.27 during trading hours on Monday, hitting $19.87. The stock had a trading volume of 2,240,063 shares, compared to its average volume of 2,952,799. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 331.22 and a beta of 0.12. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year high of $27.32. The stock's fifty day moving average is $18.44 and its two-hundred day moving average is $20.70.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The business had revenue of $411.85 million during the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. Remitly Global's revenue was up 34.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) earnings per share. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. LPL Financial LLC acquired a new stake in Remitly Global during the 4th quarter valued at $347,000. Wells Fargo & Company MN boosted its stake in shares of Remitly Global by 53.1% during the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock valued at $1,597,000 after acquiring an additional 24,559 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Remitly Global by 221.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock valued at $1,214,000 after acquiring an additional 37,046 shares during the last quarter. Bank of Montreal Can increased its position in Remitly Global by 3.6% during the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock worth $931,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Remitly Global by 13.0% in the 4th quarter. Invesco Ltd. now owns 111,612 shares of the financial services provider's stock valued at $2,519,000 after purchasing an additional 12,816 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Remitly Global Company Profile

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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