Key Points
- Remitly Global director Joshua Hug sold 33,600 shares on June 1 at an average price of $21.03, totaling about $706,608. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Hug still owned 3,424,244 shares, valued at roughly $72.0 million. The sale reduced his ownership by 0.97%.
- Remitly reported strong quarterly 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 currently have a Moderate Buy consensus and a $24.63 price target.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 33,600 shares of Remitly Global stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00. Following the transaction, the director directly owned 3,424,244 shares of the company's stock, valued at $72,011,851.32. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Friday, May 29th, Joshua Hug sold 476 shares of Remitly Global stock. The shares were sold at an average price of $20.00, for a total transaction of $9,520.00.
- On Monday, May 11th, Joshua Hug sold 34,383 shares of Remitly Global stock. The shares were sold at an average price of $24.89, for a total transaction of $855,792.87.
- On Wednesday, April 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The shares were sold at an average price of $21.56, for a total transaction of $362,208.00.
- On Tuesday, April 14th, Joshua Hug sold 12,000 shares of Remitly Global stock. The shares were 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 shares were 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 shares were sold at an average price of $17.98, for a total transaction of $522,301.02.
Remitly Global Trading Down 4.6%
RELY opened at $20.07 on Wednesday. The stock has a market capitalization of $4.23 billion, a PE ratio of 40.96 and a beta of 0.37. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92. The firm has a 50-day moving average price of $19.66 and a two-hundred day moving average price of $16.13.
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, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to analysts' expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company's quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.05 EPS. On average, research analysts predict that Remitly Global, Inc. will post 0.67 EPS for the current year.
Institutional Investors Weigh In On Remitly Global
Several institutional investors have recently modified their holdings of the business. Essential Partners LLC grew its position in shares of Remitly Global by 181.8% during the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider's stock worth $51,000 after buying an additional 2,116 shares during the period. Bank of America Corp DE grew its position in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock worth $80,759,000 after buying an additional 4,252,294 shares during the period. Amundi acquired a new stake in shares of Remitly Global during the 1st quarter worth approximately $293,000. EverSource Wealth Advisors LLC grew its position in shares of Remitly Global by 55.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,102 shares of the financial services provider's stock worth $64,000 after buying an additional 1,460 shares during the period. Finally, California State Teachers Retirement System grew its position in shares of Remitly Global by 24.7% during the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider's stock worth $3,266,000 after buying an additional 41,221 shares during the period. 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. Freedom Capital upgraded shares of Remitly Global to a "strong-buy" rating in a research report on Wednesday, April 1st. Weiss Ratings reiterated a "hold (c-)" rating on shares of Remitly Global in a research report on Wednesday, May 20th. Oppenheimer set a $20.00 price target on shares of Remitly Global in a research report on Thursday, February 19th. Bank of America began coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a "buy" rating and a $18.00 price target for the company. Finally, Citigroup reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.63.
View Our Latest Stock Report 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.
Further Reading
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