Remitly Global (NASDAQ:RELY) Director Nigel Morris Sells 16,751 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Nigel Morris sold 16,751 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $26.56, for a total value of $444,906.56. Following the transaction, the director owned 1,811,056 shares in the company, valued at $48,101,647.36. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $25.75 on Thursday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The firm has a market capitalization of $5.45 billion, a P/E ratio of 18.53 and a beta of 0.34. The stock has a 50 day moving average price of $23.78 and a 200-day moving average price of $20.20.

Remitly Global (NASDAQ:RELY) last released 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. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same period in the previous year, the company posted $0.03 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RELY. Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. The Goldman Sachs Group increased 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. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Cantor Fitzgerald boosted their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Finally, Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Two equities research 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 data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $27.78.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Torren Management LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at $25,000. Summit Securities Group LLC bought a new stake in Remitly Global in the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global in the 4th quarter worth about $28,000. HighMark Wealth Management LLC purchased a new position in Remitly Global in the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Remitly Global by 140.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares during the period. 74.25% of the stock is owned by institutional investors.

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.