Key Points
- Director Joshua Hug sold 1,430 shares of Remitly on April 6 at an average price of $15.99 under a pre-arranged Rule 10b5-1 plan, reducing his stake by 0.04% while still holding about 3.57 million shares (~$57.15M).
- Hug also sold a larger block on March 4 — 29,049 shares at an average of $17.98 (~$522,301) — showing recent insider selling activity across multiple trades.
- Separately, Remitly recently beat quarterly expectations with $0.19 EPS (vs. $0.02 consensus) and revenue of $442.18M (up 25.7% year-over-year), and analysts maintain a consensus "Buy" rating with an average target of $22.78.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 1,430 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $15.99, for a total transaction of $22,865.70. Following the transaction, the director directly owned 3,574,303 shares in the company, valued at $57,153,104.97. The trade was a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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, March 4th, Joshua Hug sold 29,049 shares of Remitly Global stock. The shares were sold at an average price of $17.98, for a total value of $522,301.02.
Remitly Global Trading Down 1.2%
Shares of RELY stock opened at $16.02 on Wednesday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.70. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The business's 50 day moving average is $15.25 and its two-hundred day moving average is $14.76. The company has a market cap of $3.37 billion, a PE ratio of 51.68, a price-to-earnings-growth ratio of 0.57 and a beta of 0.09.
Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. During the same quarter last year, the company posted ($0.03) earnings per share. The company's revenue for the quarter was up 25.7% compared to the same quarter last year. Equities analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the company. Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 20th. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 19th. Bank of America assumed coverage on Remitly Global in a research report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 price target on the stock. Oppenheimer set a $20.00 price target on Remitly Global in a research report on Thursday, February 19th. Finally, The Goldman Sachs Group raised their price target on Remitly Global from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $22.78.
View Our Latest Stock Report on Remitly Global
Institutional Investors Weigh In On Remitly Global
A number of institutional investors have recently bought and sold shares of RELY. Baillie Gifford & Co. boosted its stake in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider's stock worth $160,888,000 after buying an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock worth $90,530,000 after buying an additional 2,567,446 shares in the last quarter. Marshall Wace LLP boosted its stake in Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider's stock worth $74,966,000 after buying an additional 1,962,076 shares in the last quarter. Norges Bank acquired a new stake in Remitly Global during the second quarter valued at approximately $36,619,000. Finally, Azora Capital LP acquired a new stake in Remitly Global during the third quarter valued at approximately $31,213,000. Institutional investors and hedge funds own 74.25% of the company's stock.
About Remitly Global
(
Get Free Report)
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.
Further Reading
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