Key Points
- Director Joshua Hug sold 34,383 Remitly Global shares on May 11 at an average price of $24.89, totaling about $855,793. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- Remitly’s latest earnings beat expectations, with Q1 EPS of $0.23 versus the $0.12 consensus and revenue of $452.8 million, up 25.2% year over year. The company also reported a 6.12% net margin and 12.90% return on equity.
- Analysts remain broadly positive on RELY, with multiple firms raising price targets and the consensus rating standing at Moderate Buy. The average price target is $24.63, near the stock’s recent trading range.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 34,383 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the sale, the director owned 3,482,320 shares of the company's stock, valued at $86,674,944.80. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 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 value 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 value 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 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 Stock Performance
Shares of RELY opened at $23.75 on Thursday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 48.47 and a beta of 0.40. The stock has a 50 day moving average price of $18.40 and a 200 day moving average price of $15.58.
Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to analysts' expectations of $438.94 million. During the same period in the previous year, the business earned $0.05 earnings per share. The firm's revenue for the quarter was up 25.2% on a year-over-year basis. On average, analysts predict that Remitly Global, Inc. will post 0.67 earnings per share for the current year.
Hedge Funds Weigh In On Remitly Global
Several large investors have recently modified their holdings of RELY. Torren Management LLC purchased a new stake in shares of Remitly Global in the 4th quarter valued at $25,000. Summit Securities Group LLC purchased a new stake in Remitly Global during the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global during the 4th quarter worth about $28,000. GAMMA Investing LLC increased its holdings in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock worth $30,000 after purchasing an additional 1,628 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new stake in Remitly Global during the 3rd quarter worth about $33,000. Institutional investors and hedge funds own 74.25% of the company's stock.
Analyst Upgrades and Downgrades
RELY has been the subject of several research reports. KeyCorp boosted their price target on Remitly Global from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. The Goldman Sachs Group reiterated a "buy" rating and set a $27.00 price target on shares of Remitly Global in a research report on Thursday, May 7th. Monness Crespi & Hardt boosted their price target on Remitly Global from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Citigroup reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, May 7th. Finally, Cantor Fitzgerald boosted their price objective on Remitly Global from $24.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.63.
Check Out Our Latest Analysis on RELY
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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