Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 8,938 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 8,938 shares of Remitly Global stock in a transaction on Friday, August 7th. The shares were sold at an average price of $25.43, for a total value of $227,293.34. Following the completion of the sale, the director directly owned 1,882,056 shares of the company’s stock, valued at $47,860,684.08. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Remitly Global Trading Up 2.0%

RELY traded up $0.47 during mid-day trading on Tuesday, hitting $23.61. 3,014,015 shares of the stock were exchanged, compared to its average volume of 3,195,756. The firm’s fifty day moving average is $22.35 and its two-hundred day moving average is $19.25. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The company has a market cap of $5.00 billion, a PE ratio of 16.99 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its 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 the consensus estimate of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.Remitly Global’s revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 EPS. As a group, research analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RELY shares. Cantor Fitzgerald lifted their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. The Goldman Sachs Group boosted their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.

Institutional Trading of Remitly Global

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of 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 purchasing an additional 677 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the last quarter. Main Management ETF Advisors LLC grew its stake in shares of Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after purchasing an additional 984 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Remitly Global by 2.9% during the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 1,050 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock valued at $210,000 after buying an additional 1,184 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

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.