Remitly Global (NASDAQ:RELY) Director Sells 160,182 Shares

by · The Cerbat Gem

Remitly Global, Inc. (NASDAQ:RELY – Get Free Report) Director Phillip John Riese sold 160,182 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the transaction, the director directly owned 361,094 shares in the company, valued at $9,005,684.36. The trade was a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Phillip John Riese also recently made the following trade(s):

  • On Tuesday, August 11th, Phillip John Riese sold 100,000 shares of Remitly Global stock. The stock was sold at an average price of $23.73, for a total value of $2,373,000.00.

Remitly Global Stock Performance

NASDAQ:RELY traded up $0.47 during trading on Tuesday, reaching $23.61. The company’s stock had a trading volume of 3,014,015 shares, compared to its average volume of 3,195,756. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 16.99 and a beta of 0.34. The firm has a 50 day moving average of $22.35 and a 200-day moving average of $19.25.

Remitly Global (NASDAQ:RELY – Get Free Report) last posted 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 company had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. Equities research analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in the business. Pekin Hardy Strauss Inc. increased its position in shares of Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after purchasing an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP purchased a new position in shares of Remitly Global in the fourth quarter worth approximately $1,380,000. GSA Capital Partners LLP boosted its stake in shares of Remitly Global by 1,484.2% during the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after acquiring an additional 338,244 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Remitly Global by 44.3% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after purchasing an additional 292,991 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of recent research reports. Wolfe Research reaffirmed an “outperform” rating and set a $31.00 price target on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. 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 note on Thursday, July 9th. Finally, Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.67.

Read Our Latest Stock Analysis on Remitly Global

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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