Remitly Global (NASDAQ:RELY) Director Sells $855,792.87 in Stock

Key Points

• Remitly Global director Joshua Hug sold 34,383 shares on May 11 for about $855,793 at an average price of $24.89. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and he still owned more than 3.48 million shares afterward.
• The company posted stronger-than-expected Q1 results, with earnings of $0.23 per share versus the $0.12 estimate and revenue of $452.8 million versus $438.94 million expected. Revenue rose 25.2% year over year.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and a target price of $24.63. Shares were trading near their 52-week high, recently at $23.75 versus a high of $24.92.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 34,383 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total transaction of $855,792.87. Following the completion of the transaction, the director directly owned 3,482,320 shares in the company, valued at $86,674,944.80. This trade represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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, 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 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.
• On Wednesday, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02.

Remitly Global Trading Down 0.5%

Shares of NASDAQ:RELY traded down $0.11 during midday trading on Wednesday, reaching $23.75. The company had a trading volume of 30,905,979 shares, compared to its average volume of 4,179,570. The company's 50 day moving average price is $18.27 and its 200 day moving average price is $15.54. The stock has a market cap of $5.00 billion, a P/E ratio of 48.47 and a beta of 0.40. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm's quarterly revenue was up 25.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. Research analysts forecast that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RELY. Zacks Research downgraded shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $27.00 price objective on shares of Remitly Global in a report on Thursday, May 7th. Weiss Ratings raised shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, February 20th. Freedom Capital raised shares of Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. Finally, Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.63.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System raised its stake in Remitly Global by 0.5% in the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock valued at $2,550,000 after purchasing an additional 679 shares in the last quarter. Main Management ETF Advisors LLC raised its stake in Remitly Global by 1.0% in the fourth 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 in the last quarter. Xponance Inc. raised its stake in Remitly Global by 8.7% in the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider's stock valued at $217,000 after purchasing an additional 1,060 shares in the last quarter. AlphaQuest LLC raised its stake in Remitly Global by 34.4% in the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider's stock valued at $71,000 after purchasing an additional 1,115 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake in 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 in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

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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