Joshua Hug Sells 20,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 20,000 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $21.07, for a total transaction of $421,400.00. Following the sale, the director now owns 3,713,811 shares of the company's stock, valued at $78,249,997.77. This trade represents a 0.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, May 29th, Joshua Hug sold 60,777 shares of Remitly Global stock. The shares were sold at an average price of $21.22, for a total transaction of $1,289,687.94.
• 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 transaction 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 transaction 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 transaction 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 transaction of $197,100.00.

Remitly Global Price Performance

RELY traded down $0.05 during trading on Thursday, reaching $20.74. The company had a trading volume of 32,596 shares, compared to its average volume of 2,058,886. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The business's fifty day moving average price is $21.05 and its 200 day moving average price is $21.98. The company has a market cap of $4.23 billion, a P/E ratio of -109.18 and a beta of 0.16.

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

Wall Street Analyst Weigh In

RELY has been the topic of several recent research reports. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. BMO Capital Markets raised their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Barclays PLC raised its holdings in shares of Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock valued at $18,858,000 after purchasing an additional 227,231 shares during the last quarter. Blue Trust Inc. increased its holdings in Remitly Global by 661.9% during the fourth quarter. Blue Trust Inc. now owns 17,135 shares of the financial services provider's stock worth $387,000 after buying an additional 14,886 shares during the last quarter. KBC Group NV increased its holdings in Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after buying an additional 2,033 shares during the last quarter. LB Partners LLC increased its holdings in Remitly Global by 21.1% during the fourth quarter. LB Partners LLC now owns 573,270 shares of the financial services provider's stock worth $12,939,000 after buying an additional 100,000 shares during the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in Remitly Global by 43.2% during the fourth quarter. Bleakley Financial Group LLC now owns 21,738 shares of the financial services provider's stock worth $491,000 after buying an additional 6,560 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

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.