Joshua Hug Sells 60,777 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 60,777 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $21.22, for a total value of $1,289,687.94. Following the sale, the director now directly owns 3,733,811 shares of the company's stock, valued at $79,231,469.42. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Friday, May 30th, Joshua Hug sold 20,000 shares of Remitly Global stock. The shares were sold at an average price of $21.07, for a total value of $421,400.00.
• On Thursday, May 15th, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $22.77, for a total value of $227,700.00.
• On Monday, May 5th, Joshua Hug sold 37,718 shares of Remitly Global stock. The shares were sold at an average price of $21.05, for a total value of $793,963.90.
• On Monday, April 21st, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.23, for a total value of $192,300.00.
• On Thursday, April 17th, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.71, for a total value of $197,100.00.

Remitly Global Price Performance

RELY traded down $0.05 during midday trading on Thursday, reaching $20.74. 32,596 shares of the company's stock traded hands, compared to its average volume of 2,058,886. The firm has a fifty day moving average of $21.05 and a two-hundred day moving average of $21.98. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of -109.18 and a beta of 0.16. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same quarter in the prior year, the business earned ($0.11) EPS. The business's revenue for the quarter was up 34.3% on a year-over-year basis. Sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RELY shares. The Goldman Sachs Group lifted their price target on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Monness Crespi & Hardt boosted their target price on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. KeyCorp lifted their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. lifted their price target on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Finally, BMO Capital Markets lifted their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter worth approximately $28,000. Elequin Capital LP purchased a new stake in shares of Remitly Global in the 1st quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Remitly Global in the 1st quarter worth approximately $41,000. Exchange Traded Concepts LLC purchased a new stake in shares of Remitly Global in the 1st quarter worth approximately $46,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Remitly Global in the 1st quarter worth approximately $66,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

About Remitly Global

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.