Joshua Hug Sells 12,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Key Points

• Director Joshua Hug sold 12,000 shares on April 14 at an average price of $17.88 (proceeds ~$214,560), a sale disclosed in an SEC filing and executed under a pre‑arranged Rule 10b5‑1 trading plan; his direct holdings now total 3,562,303 shares (a 0.34% ownership decrease).
• Hug has continued selling this quarter, disposing of 1,430 shares on April 6 at $15.99 and 29,049 shares on March 4 at $17.98, signaling an ongoing pattern of insider sales.
• Remitly recently beat expectations with Q4 EPS of $0.19 vs. $0.02 and revenue of $442.2M (up 25.7% YoY); the stock trades around $18.86, the company has a ~$3.97B market cap, and analysts carry an average Buy rating with a $22.78 consensus target.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 12,000 shares of Remitly Global stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $17.88, for a total value of $214,560.00. Following the transaction, the director directly owned 3,562,303 shares of the company's stock, valued at approximately $63,693,977.64. This represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 value of $522,301.02.

Remitly Global Price Performance

RELY stock traded up $0.94 during midday trading on Wednesday, hitting $18.86. 4,709,197 shares of the stock were exchanged, compared to its average volume of 2,666,977. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock's 50-day moving average price is $15.77 and its 200-day moving average price is $14.81. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 60.84, a PEG ratio of 0.64 and a beta of 0.09. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week 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, beating analysts' consensus estimates of $0.02 by $0.17. The business had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business's revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Torren Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter worth about $25,000. Essex Investment Management Co. LLC acquired a new position in shares of Remitly Global in the third quarter worth about $33,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global in the fourth quarter worth about $28,000. First Horizon Corp acquired a new position in shares of Remitly Global in the third quarter worth about $36,000. Finally, GAMMA Investing LLC lifted its stake in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock worth $30,000 after acquiring an additional 1,628 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on RELY. Oppenheimer set a $20.00 price objective on Remitly Global in a research report on Thursday, February 19th. Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 20th. Citigroup reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 19th. Freedom Capital raised Remitly Global to a "strong-buy" rating in a research report on Wednesday, April 1st. Finally, Bank of America initiated coverage on Remitly Global in a research report on Tuesday, February 10th. They set a "buy" rating and a $18.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $22.78.

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.

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