Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 11,000 shares of the company's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $25.59, for a total value of $281,490.00. Following the completion of the transaction, the director directly owned 1,871,056 shares of the company's stock, valued at approximately $47,880,323.04. The trade was a 0.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Remitly Global Stock Performance
Remitly Global stock opened at $26.30 on Tuesday. The stock has a 50-day moving average price of $22.87 and a two-hundred day moving average price of $19.58. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The company has a market capitalization of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million for the quarter, compared to analysts' expectations of $486.25 million. During the same period in the previous year, the business posted $0.03 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.
Institutional Trading of Remitly Global
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in Remitly Global during the 1st quarter worth approximately $26,000. Torren Management LLC bought a new stake in shares of Remitly Global in the 4th quarter valued at $25,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global during the fourth quarter worth $28,000. GAMMA Investing LLC increased its position in shares of Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock worth $49,000 after buying an additional 677 shares during the period. Finally, HighMark Wealth Management LLC bought a new position in Remitly Global during the fourth quarter worth $35,000. Institutional investors and hedge funds own 74.25% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on RELY shares. The Goldman Sachs Group upped their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Wolfe Research reiterated an "outperform" rating and set a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. Monness Crespi & Hardt reissued a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald increased their price objective on Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research report 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. According to data from MarketBeat.com, Remitly Global presently has a consensus rating of "Moderate Buy" and an average target price of $27.67.
Read Our Latest Report on Remitly Global
Key Remitly Global News
Here are the key news stories impacting Remitly Global this week:
- Positive Sentiment: Zacks upgraded Remitly to Rank #1, or “Strong Buy.” The upgrade reflects improving expectations for the company’s earnings prospects and could provide near-term support for RELY shares. Zacks Strong Buy rating upgrade article
- Positive Sentiment: Rising earnings estimates signal potential upside. Zacks said recent estimate revisions indicate strengthening analyst expectations, a factor that can improve sentiment and momentum around the stock. Rising earnings estimates article
- Positive Sentiment: RELY was included on multiple Zacks Strong Buy and momentum-stock lists. The additional visibility may attract short-term momentum-oriented investors. Zacks momentum stocks article
- Positive Sentiment: Brokerages maintain a consensus “Moderate Buy” recommendation. This indicates generally favorable, though not unanimous, Wall Street sentiment. Remitly brokerage recommendation article
- Neutral Sentiment: Remitly’s latest reported quarter showed revenue growth of 20.2% year over year and adjusted earnings that substantially exceeded consensus expectations, providing fundamental support for the recent advance.
- Negative Sentiment: Director Nigel W. Morris sold 31,000 shares for approximately $805,490 across August 13–14. The sales were relatively small compared with his remaining ownership of more than 1.85 million shares, but continued insider selling can temper bullish sentiment. SEC insider transaction filing
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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