Key Points
- Director Bora Chung sold 12,000 Remitly Global shares on May 20 at an average price of $21.42, totaling about $257,040. After the sale, Chung still owned 125,317 shares.
- Remitly reported stronger-than-expected first-quarter results, with earnings of $0.23 per share versus $0.12 expected and revenue of $452.8 million, up 25.2% year over year.
- Analysts remain generally positive on RELY, with a consensus rating of “Moderate Buy” and an average price target of $24.63, though a few firms have recently trimmed their views or targets.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Bora Chung sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the transaction, the director owned 125,317 shares of the company's stock, valued at $2,684,290.14. The trade was a 8.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Remitly Global Trading Down 0.0%
RELY opened at $21.57 on Friday. The stock's 50-day moving average price is $18.96 and its 200 day moving average price is $15.81. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.92. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of 44.02 and a beta of 0.40.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. The company's revenue was up 25.2% on a year-over-year basis. On average, research analysts forecast that Remitly Global, Inc. will post 0.67 earnings per share for the current year.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on RELY. Citizens Jmp lifted their price objective on shares of Remitly Global from $22.00 to $26.00 and gave the stock a "market outperform" rating in a research report on Thursday, May 7th. Oppenheimer set a $20.00 price target on Remitly Global in a research note on Thursday, February 19th. Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Monness Crespi & Hardt upped their price objective on Remitly Global from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded Remitly Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $24.63.
Read Our Latest Research Report on RELY
Institutional Trading of Remitly Global
A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. Essential Partners LLC lifted its holdings in shares of Remitly Global by 181.8% in the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider's stock valued at $51,000 after purchasing an additional 2,116 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock valued at $80,759,000 after acquiring an additional 4,252,294 shares during the period. Amundi purchased a new position in shares of Remitly Global during the first quarter worth approximately $293,000. EverSource Wealth Advisors LLC grew its position in shares of Remitly Global by 55.3% during the first quarter. EverSource Wealth Advisors LLC now owns 4,102 shares of the financial services provider's stock worth $64,000 after acquiring an additional 1,460 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Remitly Global by 24.7% in the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider's stock valued at $3,266,000 after acquiring an additional 41,221 shares during the period. 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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