Key Points
- Insider sale: Remitly Global director Nigel Morris sold 6,300 shares for $170,289 at an average price of $27.03, reducing his stake by 0.35% while retaining 1.8 million shares.
- Strong operating results: The company reported quarterly revenue of $495.16 million, up 20.2% year over year, and earnings per share of $0.93—well above analysts’ $0.12 estimate.
- Positive market sentiment: Institutional investors own 74.25% of Remitly’s stock, while analysts maintain a consensus “Buy” rating with an average price target of $27.78.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Nigel Morris sold 6,300 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total transaction of $170,289.00. Following the transaction, the director owned 1,804,756 shares of the company's stock, valued at approximately $48,782,554.68. The trade was a 0.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Remitly Global Stock Performance
NASDAQ RELY opened at $26.17 on Friday. The company has a market capitalization of $5.54 billion, a PE ratio of 18.83 and a beta of 0.36. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.48. The company has a 50-day simple moving average of $24.50 and a 200 day simple moving average of $20.80.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm 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 company earned $0.03 earnings per share. The company's quarterly revenue was up 20.2% on a year-over-year basis. As a group, analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.
Institutional Trading of Remitly Global
A number of institutional investors have recently modified their holdings of RELY. BlackRock Inc. purchased a new position in Remitly Global in the 2nd quarter valued at approximately $410,752,000. Marshall Wace LLP lifted its position in shares of Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider's stock worth $82,741,000 after acquiring an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock worth $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock worth $80,759,000 after acquiring an additional 4,252,294 shares in the last quarter. Finally, Generation Investment Management LLP bought a new position in shares of Remitly Global in the second quarter worth $109,637,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts recently commented on the company. Citigroup reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald raised their target price on Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. The Goldman Sachs Group boosted their target price on Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Wolfe Research upped their price target on Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a research report on Tuesday, August 25th. Finally, Weiss Ratings upgraded Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of "Buy" and a consensus target price of $27.78.
Read Our Latest Research Report 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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