Key Points
- Director Nigel Morris sold 20,000 Remitly Global shares at an average price of $26.26, generating $525,200 and reducing his direct ownership by 1.08%.
- Remitly reported quarterly EPS of $0.93, significantly above the $0.12 consensus estimate, while revenue reached $495.16 million—up 20.2% year over year and above expectations.
- Analysts maintain a consensus “Buy” rating with an average price target of $27.67; the stock recently opened at $25.06 and has a 52-week range of $12.08 to $27.15.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 3,249 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total value of $86,195.97. Following the transaction, the director directly owned 1,827,807 shares of the company's stock, valued at $48,491,719.71. This trade represents a 0.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Remitly Global Trading Down 1.5%
Shares of Remitly Global stock opened at $25.06 on Thursday. The firm has a market capitalization of $5.30 billion, a PE ratio of 18.03 and a beta of 0.34. The firm's 50 day moving average is $23.15 and its 200 day moving average is $19.74. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15.
Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current year.
Institutional Investors Weigh In On Remitly Global
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pekin Hardy Strauss Inc. increased its position in shares of Remitly Global by 581.8% during the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider's stock valued at $1,693,000 after acquiring an additional 104,716 shares during the last quarter. GSA Capital Partners LLP boosted its position in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider's stock worth $4,982,000 after purchasing an additional 338,244 shares during the last quarter. State of Wyoming purchased a new position in Remitly Global in the second quarter worth $935,000. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Remitly Global by 44.3% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider's stock valued at $13,166,000 after purchasing an additional 292,991 shares during the period. Finally, California State Teachers Retirement System grew its stake in Remitly Global by 24.7% in the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider's stock valued at $3,266,000 after purchasing an additional 41,221 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on RELY shares. Wolfe Research reissued an "outperform" rating and set a $31.00 target price on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald upped their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. Weiss Ratings upgraded Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. KeyCorp lifted their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Monness Crespi & Hardt reissued a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $27.67.
Get Our Latest Stock Analysis 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.
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