Key Points
- Director Phillip John Riese sold 100,000 Remitly shares at an average $23.73, worth $2.37 million, reducing his direct stake by 27.69%. Combined with a 160,182-share sale four days earlier, his recent disposals total about $6.37 million.
- Remitly reported strong quarterly results, with EPS of $0.93 versus $0.12 expected and revenue of $495.16 million, up 20.2% year over year and ahead of forecasts.
- Analyst sentiment remains positive: the stock has a “Moderate Buy” consensus rating and a $27.67 average price target, while institutional investors own 74.25% of outstanding shares.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 8,938 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $25.43, for a total transaction of $227,293.34. Following the completion of the transaction, the director directly owned 1,882,056 shares of the company's stock, valued at approximately $47,860,684.08. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Remitly Global Stock Performance
Shares of RELY opened at $23.61 on Wednesday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The company's 50 day simple moving average is $22.35 and its 200 day simple moving average is $19.25. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of 16.99 and a beta of 0.34.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. Remitly Global's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.03 EPS. Equities analysts expect that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.
Hedge Funds Weigh In On Remitly Global
A number of large investors have recently modified their holdings of the company. Pekin Hardy Strauss Inc. increased its position in Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider's stock worth $1,693,000 after purchasing an additional 104,716 shares in the last quarter. Capelight Capital Asset Management LP acquired a new position in Remitly Global during the fourth quarter valued at approximately $1,380,000. GSA Capital Partners LLP grew its stake in Remitly Global by 1,484.2% during the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider's stock worth $4,982,000 after buying an additional 338,244 shares during the period. Baillie Gifford & Co. grew its stake in 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 worth $160,888,000 after buying an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Remitly Global by 44.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider's stock worth $13,166,000 after acquiring an additional 292,991 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research analysts have recently weighed in on the stock. Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. Wolfe Research reaffirmed an "outperform" rating and set a $31.00 price target on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Monday. Finally, KeyCorp boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $27.67.
Check Out Our Latest Analysis on RELY
Remitly Global News Roundup
Here are the key news stories impacting Remitly Global this week:
- Positive Sentiment: Cantor Fitzgerald raised its price target for Remitly Global from $28 to $30 and maintained an “overweight” rating, implying substantial potential upside. The upgrade reflects confidence in the company’s growth prospects and remittance-business initiatives. StreetInsider analyst price-target article
- Positive Sentiment: A recent management discussion highlighted key initiatives, remittance-business performance and potential growth accelerators. While the transcript did not provide a new financial forecast in the supplied report, the focus on expansion and operating execution may reinforce the constructive investor outlook. Remitly Global initiatives and growth transcript
- Neutral Sentiment: Reported short interest was listed at zero shares, with a zero-day short-interest ratio. Because the figures show no measurable short position and the reported percentage change is not meaningful, this data offers little directional information for RELY.
- Negative Sentiment: Director Phillip John Riese sold 100,000 shares on August 11 at an average price of $23.73, reducing his direct ownership by 27.69%. The sale follows his disposal of 160,182 shares on August 7, representing a combined transaction value of approximately $6.37 million and potentially signaling profit-taking or reduced insider exposure. SEC insider transaction filing
- Negative Sentiment: Director Nigel W. Morris sold 8,938 shares at an average price of $25.43. The sale reduced his direct stake by only 0.47%, making it less significant than Riese’s transactions, but it adds to the recent pattern of insider selling. SEC insider transaction filing
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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