Insider Selling: Remitly Global (NASDAQ:RELY) Director Sells 12,000 Shares of Stock

by · The Cerbat Gem

Remitly Global, Inc. (NASDAQ:RELY – Get Free Report) Director Bora Chung sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the transaction, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. The trade was a 8.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Remitly Global Price Performance

Shares of RELY traded down $0.01 on Thursday, hitting $21.57. The company’s stock had a trading volume of 2,880,891 shares, compared to its average volume of 4,185,981. The company has a market capitalization of $4.54 billion, a PE ratio of 44.02 and a beta of 0.40. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The company has a 50 day moving average price of $18.87 and a 200 day moving average price of $15.77.

Remitly Global (NASDAQ:RELY – Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. During the same period in the previous year, the business earned $0.05 EPS. Remitly Global’s revenue was up 25.2% compared to the same quarter last year. On average, equities analysts forecast that Remitly Global, Inc. will post 0.67 EPS for the current year.

Institutional Investors Weigh In On Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Torren Management LLC acquired a new stake in shares of Remitly Global in the 4th quarter valued at $25,000. Summit Securities Group LLC acquired a new position in Remitly Global during the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global during the 4th quarter valued at about $28,000. GAMMA Investing LLC lifted its position in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares during the period. Finally, Essex Investment Management Co. LLC acquired a new position in Remitly Global during the 3rd quarter valued at about $33,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Citizens Jmp upped their target price on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. The Goldman Sachs Group reiterated a “buy” rating and set a $27.00 target price on shares of Remitly Global in a research report on Thursday, May 7th. Finally, Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.63.

View Our Latest Research Report on RELY

About Remitly Global

(Get Free Report)

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.

Featured Articles