Nigel Morris Sells 8,938 Shares of Remitly Global (NASDAQ:RELY) Stock

Key Points

• Director Nigel Morris sold 8,938 Remitly Global shares at an average price of $25.43, generating $227,293.34. He retains 1,882,056 shares after the transaction.
• Remitly reported quarterly EPS of $0.93, far exceeding the $0.12 consensus estimate, while revenue reached $495.16 million, up 20.2% year over year and above expectations.
• The stock recently traded at $23.61, and analysts maintain a “Moderate Buy” consensus with an average price target of $27.67; institutional investors own 74.25% of the company.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 8,938 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $25.43, for a total value of $227,293.34. Following the completion of the sale, the director owned 1,882,056 shares of the company's stock, valued at $47,860,684.08. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Price Performance

Remitly Global stock traded up $0.47 during trading on Tuesday, reaching $23.61. 3,014,015 shares of the company were exchanged, compared to its average volume of 3,195,756. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The company has a market capitalization of $5.00 billion, a P/E ratio of 16.99 and a beta of 0.34. The stock's 50 day simple moving average is $22.35 and its two-hundred day simple moving average is $19.25.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its 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 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 analysts' expectations of $486.25 million. During the same period in the prior year, the business earned $0.03 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock worth $49,000 after buying an additional 677 shares during the period. California State Teachers Retirement System raised its stake in shares of Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock valued at $2,550,000 after acquiring an additional 679 shares during the period. Main Management ETF Advisors LLC lifted its holdings in shares of Remitly Global by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider's stock worth $1,329,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock worth $589,000 after acquiring an additional 1,050 shares during the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Remitly Global by 8.4% in the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider's stock valued at $210,000 after purchasing an additional 1,184 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Analyst Ratings Changes

RELY has been the topic of a number of analyst reports. Zacks Research downgraded shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Weiss Ratings upgraded shares of Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 3rd. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a research report on Monday. Citigroup reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, KeyCorp increased their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. One 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. According to MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and a consensus target price of $27.67.

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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