Key Points
- Joshua Hug sold 12,000 shares of Remitly on April 14 at an average price of $17.88 for $214,560, and the sale was executed under a pre-arranged Rule 10b5-1 trading plan.
- Following the trade Hug still directly owns 3,562,303 shares, a modest 0.34% reduction in his position (valued at about $63.7 million based on the sale price).
- Remitly recently beat quarterly EPS and revenue estimates with revenue up 25.7% YoY, and Wall Street has a consensus Buy rating with an average target price of $22.78 (market cap ≈ $3.97B; 52‑week range $12.08–$24.70).
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 12,000 shares of the business's stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $17.88, for a total value of $214,560.00. Following the transaction, the director directly owned 3,562,303 shares of the company's stock, valued at $63,693,977.64. This trade represents a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Joshua Hug also recently made the following trade(s):
- 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 value 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 value of $522,301.02.
Remitly Global Price Performance
Remitly Global stock opened at $18.86 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70. The stock has a market capitalization of $3.97 billion, a P/E ratio of 60.84, a price-to-earnings-growth ratio of 0.64 and a beta of 0.09. The stock has a fifty day moving average of $15.77 and a 200-day moving average of $14.81.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $427.27 million. During the same quarter in the previous year, the firm earned ($0.03) EPS. Remitly Global's revenue was up 25.7% on a year-over-year basis. On average, sell-side analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Remitly Global
Institutional investors and hedge funds have recently bought and sold shares of the company. Torren Management LLC acquired a new position in Remitly Global in the 4th quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global in the 4th quarter valued at about $28,000. GAMMA Investing LLC grew its position in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock valued at $30,000 after buying an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global in the 3rd quarter valued at about $33,000. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 74.25% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on RELY. Oppenheimer set a $20.00 target price on Remitly Global in a report on Thursday, February 19th. Bank of America began coverage on Remitly Global in a report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 target price for the company. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a report on Thursday, February 19th. Citizens Jmp upped their target price on Remitly Global from $20.00 to $22.00 and gave the stock a "market outperform" rating in a report on Thursday, February 19th. Finally, Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $22.78.
Check Out Our Latest Report on Remitly Global
Remitly Global Company Profile
(
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.
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