Remitly Global (NASDAQ:RELY) Director Sells $385,896.00 in Stock

Key Points

• Remitly director Joshua Hug sold 16,800 shares on June 29 at an average price of $22.97, totaling about $385,896. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• The transaction left Hug with 3.39 million shares of Remitly, worth roughly $77.8 million, and followed a series of additional insider sales earlier in June and May.
• Remitly stock fell 1.7% to $22.41, while the company recently reported better-than-expected quarterly earnings and revenue growth of 25.2% year over year. Analysts currently rate the stock a Moderate Buy with a consensus target price of $24.62.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 16,800 shares of the company's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the completion of the transaction, the director owned 3,385,457 shares of the company's stock, valued at approximately $77,763,947.29. This represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 shares were sold at an average price of $20.76, for a total transaction of $332,845.08.
• On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total transaction of $170,850.00.
• 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 transaction 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 transaction of $9,520.00.
• On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The shares were sold at an average price of $24.89, for a total transaction of $855,792.87.
• On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were sold at an average price of $21.56, for a total transaction 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 transaction of $214,560.00.
• On Monday, April 6th, Joshua Hug sold 1,430 shares of Remitly Global stock. The stock was sold at an average price of $15.99, for a total transaction of $22,865.70.

Remitly Global Trading Down 1.7%

RELY stock traded down $0.38 during trading on Tuesday, reaching $22.41. The stock had a trading volume of 3,294,892 shares, compared to its average volume of 4,262,042. The firm has a fifty day moving average price of $21.12 and a 200 day moving average price of $17.14. The company has a market capitalization of $4.72 billion, a P/E ratio of 45.73 and a beta of 0.37. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $438.94 million. During the same period last year, the firm earned $0.05 earnings per share. The company's revenue was up 25.2% on a year-over-year basis. Sell-side analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current year.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in shares of Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock worth $2,550,000 after acquiring an additional 679 shares during the period. Main Management ETF Advisors LLC boosted its stake in Remitly Global by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider's stock valued at $1,329,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC boosted its stake in Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock valued at $589,000 after purchasing an additional 1,050 shares during the period. Xponance Inc. grew its position in Remitly Global by 8.7% in the 3rd quarter. Xponance Inc. now owns 13,291 shares of the financial services provider's stock worth $217,000 after purchasing an additional 1,060 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in shares of Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider's stock valued at $210,000 after purchasing an additional 1,184 shares during the period. Institutional investors own 74.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on RELY shares. Wall Street Zen cut Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. Weiss Ratings raised shares of Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 3rd. Monness Crespi & Hardt increased their price objective on shares of 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 reissued a "buy" rating and set a $27.00 price objective on shares of Remitly Global in a report on Thursday, May 7th. Finally, KeyCorp boosted their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. One 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.62.

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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