Remitly Global Sees Unusually Large Options Volume (NASDAQ:RELY)

Key Points

• Remitly Global experienced a significant rise in options trading, with 12,112 call options traded, marking a 484% increase from the typical volume.
• Analyst ratings are positive, with several firms raising their price targets for Remitly Global, leading to an average target price of $29.00 and a consensus rating of "Moderate Buy."
• The company's recent earnings report revealed a revenue increase of 34.4% year-over-year, although it missed earnings per share expectations.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) saw unusually large options trading on Thursday. Stock traders bought 12,112 call options on the company. Thisrepresentsanincreaseof484% compared to the typical daily volume of 2,073 call options.

Remitly Global Price Performance

Shares of Remitly Global stock remained flat at $19.00 during trading hours on Monday. The company's stock had a trading volume of 4,531,036 shares, compared to its average volume of 2,942,633. Remitly Global has a one year low of $12.43 and a one year high of $27.32. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 316.72 and a beta of 0.12. The company's 50-day moving average is $18.61 and its two-hundred day moving average is $20.84.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays lifted their target price on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Monness Crespi & Hardt lifted their target price on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. KeyCorp reiterated an "overweight" rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research report on Thursday. The Goldman Sachs Group lifted their target price on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Wall Street Zen cut Remitly Global from a "buy" rating to a "hold" rating in a research report on Saturday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Remitly Global has an average rating of "Moderate Buy" and a consensus target price of $29.00.

Insider Activity at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joshua Hug sold 60,777 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $21.22, for a total value of $1,289,687.94. Following the sale, the director directly owned 3,733,811 shares in the company, valued at $79,231,469.42. This represents a 1.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,041,833 shares of company stock valued at $275,390,023 over the last ninety days. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RELY. Stifel Financial Corp raised its position in shares of Remitly Global by 10.4% in the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after buying an additional 5,390 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Remitly Global during the first quarter valued at about $1,231,000. Bank of Montreal Can grew its stake in Remitly Global by 3.6% in the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock worth $931,000 after purchasing an additional 1,435 shares in the last quarter. Wells Fargo & Company MN grew its stake in Remitly Global by 53.1% in the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after purchasing an additional 24,559 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Remitly Global by 29.8% in the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after acquiring an additional 1,823 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Company Profile

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.