Remitly Global (NASDAQ:RELY) Director Sells 3,249 Shares

Key Points

• Director Nigel Morris sold 3,249 Remitly Global shares at an average price of $26.53, generating approximately $86,196. He retained 1,827,807 shares following the transaction.
• Remitly shares traded at $25.06, near their 52-week high of $27.15, while the company reported quarterly EPS of $0.93 and revenue of $495.16 million, surpassing analyst expectations.
• Analysts maintain a favorable outlook, with the stock carrying an average “Buy” rating and a consensus price target of $27.67; institutional investors own 74.25% of outstanding shares.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 3,249 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total transaction of $86,195.97. Following the completion of the sale, the director owned 1,827,807 shares in the company, valued at $48,491,719.71. This represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Remitly Global Stock Performance

Remitly Global stock traded down $0.38 during trading on Wednesday, hitting $25.06. The company's stock had a trading volume of 2,289,764 shares, compared to its average volume of 3,982,239. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 18.03 and a beta of 0.34. The stock's fifty day moving average is $23.01 and its 200 day moving average is $19.66. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15.

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, topping analysts' consensus estimates of $0.12 by $0.81. The firm 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 quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the company earned $0.03 EPS. On average, research analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently bought and sold shares of the business. Torren Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter worth $25,000. Summit Securities Group LLC acquired a new position in shares of Remitly Global during the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global during the 4th quarter worth $28,000. HighMark Wealth Management LLC purchased a new stake in Remitly Global during the 4th quarter worth $35,000. Finally, EverSource Wealth Advisors LLC increased its holdings 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 in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RELY shares. Weiss Ratings raised shares of Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Citigroup reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Cantor Fitzgerald increased their target price on Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Finally, Zacks Research upgraded Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Remitly Global presently has an average rating of "Buy" and an average target price of $27.67.

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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