Remitly Global (NASDAQ:RELY) Director Joshua Hug Sells 8,500 Shares

Key Points

• Remitly Global director Joshua Hug sold 8,500 shares on June 16 at an average price of $20.10, bringing in about $170,850. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• Hug has been actively selling shares recently, with multiple additional transactions in June, May, and April. Despite the sales, he still owns 3.42 million shares of Remitly Global.
• Remitly reported strong first-quarter results, posting earnings of $0.23 per share versus $0.12 expected and revenue of $452.8 million, up 25.2% year over year. Analysts currently rate the stock a “Moderate Buy” with an average target price of $24.63.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 8,500 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $20.10, for a total value of $170,850.00. Following the sale, the director owned 3,418,290 shares of the company's stock, valued at approximately $68,707,629. The trade was a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The stock was sold at an average price of $20.76, for a total value of $332,845.08.
• On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The stock was sold at an average price of $21.03, for a total value of $706,608.00.
• On Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total value of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The stock was sold at an average price of $24.89, for a total value of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $21.56, for a total value of $362,208.00.
• On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The stock was sold at an average price of $17.88, for a total value of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The shares were sold at an average price of $15.99, for a total value of $22,865.70.

Remitly Global Stock Performance

NASDAQ RELY traded up $0.07 on Wednesday, reaching $20.43. The stock had a trading volume of 6,931,803 shares, compared to its average volume of 4,009,469. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.92. The business's 50-day moving average price is $20.49 and its 200 day moving average price is $16.69. The stock has a market cap of $4.30 billion, a P/E ratio of 41.69 and a beta of 0.37.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company had revenue of $452.80 million during the quarter, compared to analysts' expectations of $438.94 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The firm's revenue for the quarter was up 25.2% on a year-over-year basis. On average, sell-side analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Institutional Investors Weigh In On Remitly Global

Large investors have recently modified their holdings of the stock. Pekin Hardy Strauss Inc. grew its holdings in Remitly Global by 581.8% during the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider's stock worth $1,693,000 after acquiring an additional 104,716 shares during the period. Capelight Capital Asset Management LP acquired a new position in Remitly Global during the fourth quarter worth $1,380,000. GSA Capital Partners LLP grew its holdings in Remitly Global by 1,484.2% during the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider's stock worth $4,982,000 after acquiring an additional 338,244 shares during the period. Baillie Gifford & Co. grew its holdings in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider's stock worth $160,888,000 after acquiring an additional 3,790,210 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Remitly Global by 5.1% during the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider's stock worth $34,862,000 after acquiring an additional 104,716 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analyst Ratings Changes

RELY has been the subject of a number of research reports. Monness Crespi & Hardt boosted their price objective on Remitly Global from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. The Goldman Sachs Group reiterated a "buy" rating and issued a $27.00 price objective on shares of Remitly Global in a research note on Thursday, May 7th. Zacks Research cut Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Freedom Capital upgraded Remitly Global to a "strong-buy" rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings upgraded Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $24.63.

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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