Key Points
- Remitly Global director Joshua Hug sold 16,800 shares on June 29 at an average price of $22.97, totaling about $385,896. The trade was made under a pre-arranged Rule 10b5-1 plan.
- After the sale, Hug still owned 3,385,457 shares, valued at roughly $77.8 million, and the transaction reduced his position by only 0.49%.
- Remitly reported better-than-expected quarterly earnings on May 6, posting $0.23 EPS versus the $0.12 estimate, with revenue up 25.2% year over year to $452.8 million.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 16,800 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the completion of the transaction, the director owned 3,385,457 shares of the company's stock, valued at approximately $77,763,947.29. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 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 Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total transaction of $170,850.00.
- 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 stock was 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 stock was 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 stock was 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 Down 1.7%
RELY stock opened at $22.41 on Wednesday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92. The firm has a market cap of $4.72 billion, a PE ratio of 45.73 and a beta of 0.37. The business has a 50 day moving average of $21.17 and a 200 day moving average of $17.19.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its 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 business had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. During the same period in the previous year, the company posted $0.05 earnings per share. The company's revenue for the quarter was up 25.2% compared to the same quarter last year. On average, research analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.
Analyst Ratings Changes
RELY has been the topic of a number of analyst reports. Zacks Research cut shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Cantor Fitzgerald increased their price target on shares of Remitly Global from $24.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Citizens Jmp upped their price objective on Remitly Global from $22.00 to $26.00 and gave the company a "market outperform" rating in a research report on Thursday, May 7th. Finally, Freedom Capital raised Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. One investment 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 company's stock. According to data from MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and an average price target of $24.62.
Get Our Latest Stock Analysis on RELY
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Torren Management LLC bought a new stake in Remitly Global in the 4th quarter worth approximately $25,000. Summit Securities Group LLC bought a new position in shares of Remitly Global during the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global during the 4th quarter valued at $28,000. GAMMA Investing LLC boosted its stake in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock worth $30,000 after buying an additional 1,628 shares during the last quarter. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global in the fourth quarter worth $35,000. Institutional investors 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.
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