Key Points
- Director Joshua Hug sold 5,500 Remitly Global shares for approximately $137,665 at an average price of $25.03 under a pre-arranged Rule 10b5-1 plan. He retained 2,664,389 shares after the transaction.
- Remitly reported strong quarterly results, with revenue rising 20.2% year over year to $495.16 million and earnings of $0.93 per share, well above the $0.12 consensus estimate.
- Analysts maintain a favorable outlook, with the stock carrying a consensus “Buy” rating and an average price target of $27.78; institutional investors own 74.25% of the shares.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 5,500 shares of the business's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $25.03, for a total value of $137,665.00. Following the transaction, the director directly owned 2,664,389 shares of the company's stock, valued at approximately $66,689,656.67. The trade was a 0.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Joshua Hug also recently made the following trade(s):
- On Tuesday, August 11th, Joshua Hug sold 5,500 shares of Remitly Global stock. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00.
- On Monday, June 29th, Joshua Hug sold 16,800 shares of Remitly Global stock. The stock was sold at an average price of $22.97, for a total value of $385,896.00.
- On Wednesday, June 17th, Joshua Hug sold 16,033 shares of Remitly Global stock. The shares were sold at an average price of $20.76, for a total value of $332,845.08.
- On Tuesday, June 16th, Joshua Hug sold 8,500 shares of Remitly Global stock. The shares were sold at an average price of $20.10, for a total transaction of $170,850.00.
Remitly Global Stock Down 8.9%
Shares of NASDAQ:RELY opened at $21.93 on Friday. The firm has a market cap of $4.64 billion, a P/E ratio of 15.78 and a beta of 0.36. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.48. The business has a fifty day simple moving average of $24.61 and a 200 day simple moving average of $21.11.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data 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 net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. During the same period in the prior year, the company posted $0.03 earnings per share. Remitly Global's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current year.
Institutional Investors Weigh In On Remitly Global
A number of hedge funds have recently added to or reduced their stakes in RELY. BlackRock Inc. acquired a new position in Remitly Global during the second quarter worth $410,752,000. Generation Investment Management LLP bought a new stake in shares of Remitly Global during the second quarter worth about $109,637,000. California State Teachers Retirement System increased its position in shares of Remitly Global by 2,123.3% during the second quarter. California State Teachers Retirement System now owns 4,633,604 shares of the financial services provider's stock worth $103,839,000 after acquiring an additional 4,425,195 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Remitly Global by 471.7% in the 1st 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 during the last quarter. Finally, Lead Edge Capital Management LLC acquired a new stake in shares of Remitly Global in the 2nd quarter worth about $60,232,971. Institutional investors and hedge funds own 74.25% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on RELY shares. Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Cantor Fitzgerald boosted their target price 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. Citigroup reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp raised their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Citizens Jmp raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Remitly Global presently has a consensus rating of "Buy" and an average target price of $27.78.
Get Our Latest Report on Remitly Global
Remitly Global Company Profile
(
Get Free Report)
Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.
The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.
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