Key Points
- Joshua Hug, a Remitly Global director, sold 16,800 shares on April 29 at an average of $21.56 for about $362,208 under a pre-arranged Rule 10b5-1 plan, leaving him with 3,533,503 shares (a 0.47% ownership decline).
- Hug has executed multiple recent sales this quarter — 29,049 shares on March 4 and additional sales on April 6 (1,430) and April 14 (12,000) — indicating a pattern of insider selling.
- Remitly reported a beat in the latest quarter (EPS $0.19 vs $0.02 est, revenue up 25.7% YoY), trades at a high PE (~73.5), and carries a consensus analyst price target of $22.67 with mostly Buy/Moderate Buy ratings.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 16,800 shares of the business's stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $21.56, for a total transaction of $362,208.00. Following the completion of the sale, the director directly owned 3,533,503 shares of the company's stock, valued at $76,182,324.68. This represents a 0.47% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Joshua Hug also recently made the following trade(s):
- 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 Stock Performance
Remitly Global stock opened at $22.79 on Friday. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.70. The company has a market capitalization of $4.79 billion, a PE ratio of 73.52, a P/E/G ratio of 0.78 and a beta of 0.40. The firm has a fifty day simple moving average of $17.41 and a two-hundred day simple moving average of $15.20.
Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm had revenue of $442.18 million for the quarter, compared to analysts' expectations of $427.27 million. During the same quarter last year, the business earned ($0.03) earnings per share. The business's revenue was up 25.7% on a year-over-year basis. Research analysts expect that Remitly Global, Inc. will post 0.51 EPS for the current year.
Analyst Ratings Changes
Several research analysts have recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Remitly Global from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, February 19th. Freedom Capital upgraded shares of Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. Wall Street Zen cut shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. Bank of America assumed coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Cantor Fitzgerald lifted their price target on shares of Remitly Global from $20.00 to $24.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.67.
Read Our Latest Analysis on Remitly Global
Institutional Trading of Remitly Global
Large investors have recently added to or reduced their stakes in the stock. LB Partners LLC lifted its position in Remitly Global by 60.4% during the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider's stock valued at $16,554,000 after buying an additional 382,314 shares during the period. Renaissance Group LLC lifted its position in Remitly Global by 52.0% during the third quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider's stock valued at $8,069,000 after buying an additional 169,271 shares during the period. Capelight Capital Asset Management LP purchased a new position in Remitly Global during the fourth quarter valued at $1,380,000. JPMorgan Chase & Co. lifted its position in Remitly Global by 5.1% during the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider's stock valued at $34,862,000 after buying an additional 104,716 shares during the period. Finally, Baillie Gifford & Co. lifted its position 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 valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Institutional investors own 74.25% of the company's stock.
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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