Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 20,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 20,000 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $26.26, for a total value of $525,200.00. Following the transaction, the director directly owned 1,831,056 shares in the company, valued at $48,083,530.56. This represents a 1.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Remitly Global Stock Down 1.5%

Shares of RELY opened at $25.06 on Thursday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The company has a 50-day simple moving average of $23.15 and a 200-day simple moving average of $19.74. The company has a market capitalization of $5.30 billion, a PE ratio of 18.03 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its earnings results 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 company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $0.03 earnings per share. On average, research analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after acquiring an additional 3,870 shares during the last quarter. Millennium Management LLC increased its position in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP purchased a new position in Remitly Global during the first quarter worth approximately $218,000. Focus Partners Wealth purchased a new position in Remitly Global during the first quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,286 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RELY. Citizens Jmp raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Cantor Fitzgerald increased their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $27.67.

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.