Ryno Blignaut Sells 4,500 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total transaction of $58,005.00. Following the completion of the transaction, the director directly owned 32,576 shares in the company, valued at approximately $419,904.64. The trade was a 12.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Ryno Blignaut also recently made the following trade(s):

• On Wednesday, November 26th, Ryno Blignaut sold 4,500 shares of Remitly Global stock. The stock was sold at an average price of $13.25, for a total transaction of $59,625.00.

Remitly Global Stock Performance

NASDAQ:RELY traded up $0.32 during trading on Tuesday, reaching $13.08. The company’s stock had a trading volume of 4,199,498 shares, compared to its average volume of 3,062,397. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.32. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 145.33 and a beta of 0.11. The firm has a 50 day moving average of $13.78 and a 200-day moving average of $15.37.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of RELY. Torren Management LLC purchased a new stake in Remitly Global in the fourth quarter worth $25,000. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global during the 3rd quarter valued at $33,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global during the 4th quarter valued at $28,000. First Horizon Corp purchased a new stake in shares of Remitly Global in the 3rd quarter worth about $36,000. Finally, GAMMA Investing LLC increased its stake in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RELY shares. Bank of America started coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target on the stock. Cantor Fitzgerald raised Remitly Global to a “strong-buy” rating in a report on Tuesday, January 27th. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. Monness Crespi & Hardt cut their target price on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $17.00 price target on shares of Remitly Global in a research report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.70.

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.