Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 6,300 Shares

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 6,300 shares of Remitly Global stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total transaction of $170,289.00. Following the transaction, the director directly owned 1,804,756 shares of the company’s stock, valued at $48,782,554.68. This represents a 0.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Remitly Global Stock Down 2.8%

RELY stock opened at $26.17 on Friday. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 18.83 and a beta of 0.36. The company’s fifty day simple moving average is $24.50 and its 200 day simple moving average is $20.80. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.48.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same period last year, the business posted $0.03 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. Research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 valued at $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC lifted its holdings 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 acquiring an additional 124,798 shares during the period. Caxton Associates LLP bought a new stake in Remitly Global during the first quarter worth $218,000. Focus Partners Wealth purchased a new position in Remitly Global in the first quarter worth $1,458,000. Finally, Cetera Investment Advisers boosted its position in Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,286 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. KeyCorp lifted their target price on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Citizens Jmp increased their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, The Goldman Sachs Group boosted their target price 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. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $27.78.

Remitly Global Company Profile

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.