Remitly Global (NASDAQ:RELY) Director Sells $118,750.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Ryno Blignaut sold 5,000 shares of Remitly Global stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $23.75, for a total value of $118,750.00. Following the completion of the sale, the director directly owned 63,269 shares in the company, valued at approximately $1,502,638.75. This represents a 7.32% decrease in their position. The sale was disclosed in a legal filing 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

NASDAQ RELY traded down $0.08 during trading on Thursday, hitting $22.79. The stock had a trading volume of 2,544,345 shares, compared to its average volume of 3,871,566. The company has a market capitalization of $4.88 billion, a PE ratio of 13.81 and a beta of 0.46. The company’s 50-day moving average price is $23.41 and its two-hundred day moving average price is $20.85. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $28.00.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.15. The firm had revenue of $509.84 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm posted $0.04 EPS. As a group, equities analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RELY. State of Wyoming acquired a new position in Remitly Global during the second quarter worth $935,000. Squarepoint Ops LLC acquired a new stake in Remitly Global in the second quarter valued at $6,282,000. Bank of America Corp DE acquired a new stake in Remitly Global in the second quarter valued at $27,757,000. Assenagon Asset Management S.A. acquired a new stake in Remitly Global in the third quarter valued at $31,985,000. Finally, California State Teachers Retirement System grew its position in shares of Remitly Global by 24.7% in the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock valued at $3,266,000 after acquiring an additional 41,221 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RELY has been the subject of several recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Remitly Global in a report on Monday. Wall Street Zen downgraded shares of Remitly Global from a “buy” rating to a “hold” rating in a research report on Saturday, November 7th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. KeyCorp reiterated an “overweight” rating on shares of Remitly Global in a research note on Tuesday. Finally, Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.78.

Remitly Global Company Profile

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.