Remitly Global (NASDAQ:RELY) Director Sells $2,373,000.00 in Stock

Key Points

• Director sale: Remitly Global director Phillip John Riese sold 100,000 shares for approximately $2.37 million, reducing his ownership by 27.69%. He also sold 160,182 shares worth nearly $4.0 million on August 7.
• Strong quarterly results: Remitly reported adjusted earnings of $0.93 per share, beating estimates of $0.12, while revenue rose 20.2% year over year to $495.16 million.
• Analyst outlook remains positive: The stock has a “Moderate Buy” consensus rating and an average price target of $27.67, compared with a recent price near $23.61.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Phillip John Riese sold 100,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $23.73, for a total value of $2,373,000.00. Following the completion of the sale, the director owned 261,094 shares in the company, valued at $6,195,760.62. This trade represents a 27.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Phillip John Riese also recently made the following trade(s):

• On Friday, August 7th, Phillip John Riese sold 160,182 shares of Remitly Global stock. The shares were sold at an average price of $24.94, for a total value of $3,994,939.08.

Remitly Global Stock Performance

RELY traded up $0.47 during midday trading on Tuesday, hitting $23.61. The company had a trading volume of 3,014,015 shares, compared to its average volume of 3,195,756. The firm's 50-day simple moving average is $22.35 and its 200-day simple moving average is $19.25. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15. The company has a market capitalization of $5.00 billion, a PE ratio of 16.99 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly 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. The business had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 earnings per share. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Zacks Research cut shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. Wolfe Research restated an "outperform" rating and issued a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald increased their target price on shares of Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a report on Monday. Citigroup reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, The Goldman Sachs Group increased their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $27.67.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RELY. Torren Management LLC bought a new stake in shares of Remitly Global during the 4th quarter worth about $25,000. Summit Securities Group LLC acquired a new position in shares of Remitly Global in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global during the fourth quarter worth approximately $28,000. HighMark Wealth Management LLC acquired a new stake in Remitly Global during the 4th quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 1,545 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Company Profile

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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