Remitly Global (NASDAQ:RELY) Director Sells $3,994,939.08 in Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Phillip John Riese sold 160,182 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the sale, the director owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. This represents a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Phillip John Riese also recently made the following trade(s):

• On Wednesday, August 12th, Phillip John Riese sold 69,818 shares of Remitly Global stock. The stock was sold at an average price of $23.54, for a total value of $1,643,515.72.
• On Tuesday, August 11th, Phillip John Riese sold 100,000 shares of Remitly Global stock. The stock was sold at an average price of $23.73, for a total value of $2,373,000.00.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $25.62 on Friday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 18.43 and a beta of 0.34. The business has a 50-day moving average of $22.56 and a 200-day moving average of $19.41.

Remitly Global (NASDAQ:RELY) last announced 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. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same period in the prior year, the firm earned $0.03 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts expect that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Remitly Global during the second quarter worth $410,752,000. Baillie Gifford & Co. raised its holdings in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the period. Marshall Wace LLP raised its holdings in shares of Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after purchasing an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after buying an additional 4,252,294 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Key Remitly Global News

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Analyst targets remain above the current share price. Cantor Fitzgerald raised its price target from $28 to $30 while maintaining an “overweight” rating. Wolfe Research also reiterated an “outperform” rating with a $31 target, and KeyCorp raised its target to $33. The analyst consensus is “Moderate Buy,” with an average target of $27.67. Remitly Global analyst price target article
• Positive Sentiment: Recent operating performance provides a favorable backdrop. Remitly reported quarterly EPS of $0.93, well above the $0.12 consensus estimate, while revenue of $495.16 million exceeded expectations and rose 20.2% year over year. Investors are also reviewing management’s comments and analyst questions from the second-quarter earnings call for additional growth catalysts. Remitly second-quarter earnings call article
• Neutral Sentiment: Joshua Hug sold 5,500 shares at an average price of $23.65, worth approximately $130,075. The transaction reduced his ownership by just 0.21% and was executed under a pre-arranged Rule 10b5-1 trading plan, making it less concerning as a signal of changing business expectations. SEC filing for Joshua Hug transaction
• Negative Sentiment: Director Phillip John Riese reported substantial selling. Recent transactions included 160,182 shares sold on August 7, 100,000 shares sold on August 11, and 69,818 shares sold on August 12, with reported proceeds totaling roughly $8.0 million. The sales significantly reduced his direct stake and could encourage profit-taking concerns after RELY’s recent rally. Phillip John Riese Remitly Global insider sale article
• Negative Sentiment: Director Nigel Morris sold 8,938 shares for approximately $227,293. Although the transaction reduced his position by only 0.47%, it adds to the broader pattern of insider selling. Remitly Global insider selling report

Analyst Ratings Changes

RELY has been the topic of several recent analyst reports. Cantor Fitzgerald boosted their price target on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday. Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Wolfe Research restated an “outperform” rating and set a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. KeyCorp upped their target price on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.