Key Points
- Remitly Global director Joshua Hug sold 16,033 shares on June 17 at an average price of $20.76, totaling about $332,845. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Hug still owned 3,402,257 shares, worth roughly $70.6 million, and his stake decreased by only 0.47%. The article also notes he has made several other recent stock sales.
- Remitly’s stock was trading around $20.43, near its 50-day average, while the company recently beat earnings expectations with Q1 revenue up 25.2% year over year. Analysts currently have a consensus Moderate Buy rating with a price target of $24.63.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 8,500 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $20.10, for a total value of $170,850.00. Following the transaction, the director owned 3,418,290 shares in the company, valued at $68,707,629. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The shares were sold at an average price of $20.76, for a total transaction of $332,845.08.
- On Monday, June 1st, Joshua Hug sold 33,600 shares of Remitly Global stock. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00.
- 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.
Remitly Global Stock Performance
RELY stock opened at $20.43 on Thursday. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92. The firm's fifty day moving average is $20.49 and its 200 day moving average is $16.69. The firm has a market cap of $4.30 billion, a P/E ratio of 41.69 and a beta of 0.37.
Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $452.80 million for the quarter, compared to analysts' expectations of $438.94 million. During the same period last year, the firm earned $0.05 earnings per share. The company's revenue for the quarter was up 25.2% compared to the same quarter last year. As a group, analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current year.
Institutional Trading of Remitly Global
Large investors have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its position in shares of 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 purchasing an additional 3,790,210 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider's stock worth $82,741,000 after buying an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of Remitly Global by 46.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider's stock valued at $90,159,000 after buying an additional 1,748,576 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings 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 valued at $80,759,000 after acquiring an additional 4,252,294 shares during the last quarter. 74.25% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
RELY has been the topic of several recent research reports. Zacks Research lowered Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. Wall Street Zen lowered Remitly Global from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 28th. The Goldman Sachs Group restated a "buy" rating and issued a $27.00 target price on shares of Remitly Global in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 3rd. Finally, Oppenheimer set a $20.00 target price on shares of Remitly Global in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.63.
View Our Latest Analysis on RELY
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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