Remitly Global (NASDAQ:RELY) Director Sells $750,704.57 in Stock

Key Points

• Joshua Hug, a director at Remitly Global, sold 40,777 shares of the company at an average price of $18.41, totaling approximately $750,704.57, reducing his ownership by 1.10%.
• Remitly Global reported a revenue of $411.85 million for the quarter, exceeding estimates, but missed earnings per share expectations with a report of $0.04.
• Analysts have an average rating of "Moderate Buy" for Remitly Global, with price targets ranging from $26.00 to $32.00 following recent upgrades and downgrades by various research firms.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 40,777 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the completion of the transaction, the director directly owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, August 14th, Joshua Hug sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $19.65, for a total transaction of $196,500.00.

Remitly Global Price Performance

Remitly Global stock traded up $0.39 during trading hours on Tuesday, hitting $18.92. The company had a trading volume of 4,441,122 shares, compared to its average volume of 2,976,481. The firm has a market cap of $3.90 billion, a PE ratio of 315.39 and a beta of 0.13. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32. The firm has a 50-day moving average of $18.15 and a 200 day moving average of $20.20.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). The company had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm's revenue was up 34.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.06) earnings per share. As a group, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analyst Ratings Changes

RELY has been the subject of a number of recent research reports. KeyCorp reissued an "overweight" rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Wall Street Zen downgraded shares of Remitly Global from a "buy" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Barclays raised their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and an average price target of $29.00.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its position in Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock worth $106,867,000 after acquiring an additional 4,037,151 shares during the period. Norges Bank bought a new stake in Remitly Global in the second quarter worth about $36,619,000. Driehaus Capital Management LLC bought a new stake in Remitly Global in the first quarter worth about $32,731,000. Nuveen LLC bought a new stake in Remitly Global in the first quarter worth about $32,703,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Remitly Global by 97.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider's stock worth $56,058,000 after acquiring an additional 1,472,210 shares during the period. 74.25% of the stock is owned by institutional investors.

About Remitly Global

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.