Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) Director Ryno Blignaut sold 5,000 shares of Remitly Global stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $23.75, for a total transaction of $118,750.00. Following the completion of the sale, the director directly owned 63,269 shares of the company's stock, valued at $1,502,638.75. The trade was a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Remitly Global Stock Performance
Shares of RELY opened at $22.79 on Friday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $28.00. The company has a market capitalization of $4.88 billion, a PE ratio of 13.69 and a beta of 0.46. The stock has a fifty day moving average of $23.33 and a two-hundred day moving average of $20.89.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.15. The business had revenue of $509.84 million for the quarter, compared to analysts' expectations of $507.31 million. Remitly Global had a return on equity of 35.56% and a net margin of 19.14%. The business's revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 earnings per share. As a group, equities research analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on RELY. Monness Crespi & Hardt reaffirmed a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th. Citigroup restated an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price objective on shares of Remitly Global in a research note on Monday. Wolfe Research lifted their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a research note on Tuesday, August 25th. Finally, Wall Street Zen downgraded shares of Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday, November 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.78.
Read Our Latest Research Report on RELY
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of RELY. BlackRock Inc. purchased a new position in Remitly Global in the second quarter valued at about $410,752,000. Bank of America Corp DE raised its position 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 valued at $80,759,000 after purchasing an additional 4,252,294 shares in the last quarter. Generation Investment Management LLP acquired a new position in shares of Remitly Global in the 2nd quarter valued at approximately $109,637,000. Dimensional Fund Advisors LP raised its position in shares of Remitly Global by 12.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider's stock valued at $49,142,000 after purchasing an additional 350,595 shares in the last quarter. Finally, Lead Edge Capital Management LLC purchased a new position in shares of Remitly Global during the 2nd quarter valued at approximately $60,232,971. Institutional investors and hedge funds own 74.25% of the company's stock.
Remitly Global Company Profile
(
Get Free Report)
Remitly Global, Inc. operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination. The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.
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