Key Points
- Director Joshua Hug sold 5,500 Remitly shares at an average price of $23.18, generating $127,490. The transaction, conducted under a Rule 10b5-1 plan, reduced his holdings by 0.21% to 2.65 million shares.
- Remitly reported quarterly EPS of $0.93, significantly above the $0.12 analyst consensus, while revenue reached $495.16 million, up 20.2% year over year and above estimates.
- Analysts maintain a generally positive outlook, with Remitly carrying a “Moderate Buy” consensus rating and an average price target of $27.78 versus the reported share price near $23.52.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Joshua Hug sold 5,500 shares of Remitly Global stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $23.18, for a total value of $127,490.00. Following the completion of the transaction, the director owned 2,653,389 shares of the company's stock, valued at approximately $61,505,557.02. The trade was a 0.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, September 8th, Joshua Hug sold 5,500 shares of Remitly Global stock. The shares were sold at an average price of $25.03, for a total value of $137,665.00.
- 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 value of $130,075.00.
Remitly Global Trading Up 2.6%
Shares of NASDAQ RELY opened at $23.52 on Friday. The company has a market cap of $4.98 billion, a price-to-earnings ratio of 16.92 and a beta of 0.39. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.48. The stock's 50 day simple moving average is $23.91 and its 200 day simple moving average is $21.89.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.81. The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, equities analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on RELY shares. Cantor Fitzgerald upped their price target on shares of 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 lifted their price objective 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. Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday. Wolfe Research upped their target price on shares of Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Finally, Citizens Jmp raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "market outperform" rating in a research note on Thursday, August 6th. One 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 stock. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of "Moderate Buy" and an average price target of $27.78.
Get Our Latest Stock Report on Remitly Global
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in RELY. IFP Advisors Inc increased its holdings in shares of Remitly Global by 59.1% during the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 527 shares during the period. Summit Securities Group LLC acquired a new stake in Remitly Global in the first quarter worth about $26,000. Nykredit A S acquired a new stake in Remitly Global in the second quarter worth about $40,000. GAMMA Investing LLC grew its position in Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after buying an additional 677 shares in the last quarter. Finally, Essential Partners LLC grew its position in Remitly Global by 181.8% in the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider's stock valued at $51,000 after buying an additional 2,116 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.
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. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.
Remitly's platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.
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