Key Points
- Director Nigel Morris sold 16,751 Remitly shares at an average price of $26.56, generating approximately $444,907; he retained 1.81 million shares worth about $48.1 million.
- Remitly’s stock opened at $25.75, down 1.8%, with a $5.45 billion market capitalization and a 12-month trading range of $12.08 to $27.15.
- The company reported strong quarterly results, with $0.93 EPS versus the $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year. Analysts maintain an overall “Buy” rating with an average price target of $27.78.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 16,751 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $26.56, for a total transaction of $444,906.56. Following the completion of the sale, the director owned 1,811,056 shares in the company, valued at $48,101,647.36. This represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Remitly Global Trading Down 1.8%
NASDAQ:RELY opened at $25.75 on Thursday. The company has a market cap of $5.45 billion, a PE ratio of 18.53 and a beta of 0.34. The company has a 50 day simple moving average of $23.78 and a two-hundred day simple moving average of $20.20. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15.
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, beating the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 EPS. Research analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on RELY shares. Weiss Ratings raised Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. The Goldman Sachs Group boosted their price target on Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. 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. Zacks Research raised shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 14th. Finally, Wolfe Research increased their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $27.78.
View Our Latest Report on Remitly Global
Institutional Investors Weigh In On Remitly Global
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Remitly Global by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock valued at $1,848,000 after purchasing an additional 3,870 shares in the last quarter. Millennium Management LLC increased its stake in shares of Remitly Global by 57.1% in the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock worth $7,142,000 after purchasing an additional 124,798 shares in the last quarter. Caxton Associates LLP purchased a new stake in shares of Remitly Global in the first quarter worth $218,000. Focus Partners Wealth bought a new stake in shares of Remitly Global during the 1st quarter valued at $1,458,000. Finally, Cetera Investment Advisers raised its position in shares of Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after purchasing an additional 1,286 shares during the period. 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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