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SEATTLE—Joshua Hug, Vice Chair of Remitly Global , Inc. (NASDAQ:RELY), recently sold shares of the company’s common stock, according to a regulatory filing with the Securities and Exchange Commission. The transaction, which took place on February 27, 2025, involved the sale of 27,395 shares at an average price of $23.70, totaling approximately $649,261.
The sale was executed automatically under a Rule 10b5-1 trading plan, a prearranged plan that allows company insiders to sell a predetermined number of shares at a set time. Following this transaction, Hug retains direct ownership of 3,833,811 shares of Remitly Global. Additionally, a family trust, where Hug’s spouse serves as trustee, holds 300,000 shares indirectly.
Remitly Global, based in Seattle, is a financial services company that provides international money transfer services. With a market capitalization of $4.8 billion and impressive revenue growth of 34% in the last twelve months, the company has established itself as a significant player in the digital remittance space. Discover more detailed insights with InvestingPro’s comprehensive research report, available along with analysis of 1,400+ other US stocks.
In other recent news, Remitly Global Inc has reported significant developments that are noteworthy for investors. Citi analyst Andrew Schmidt raised the company’s stock price target to $32, citing a 2-3% revenue beat in the fourth quarter and projecting a 24-25% revenue increase for fiscal year 2025. Similarly, JMP Securities also increased its price target to $32, noting the company’s 39% growth in remittance volume and a 33% rise in revenue. BMO Capital Markets maintained an Outperform rating for Remitly, setting a price target of $27, and highlighted the company’s strong customer growth and strategic marketing efficiency.
In addition to earnings, Remitly has entered a consulting agreement with its outgoing EVP of Customer and Culture, Rene Yoakum. This agreement, effective January 1, 2025, includes benefits such as stock option vesting and health insurance coverage. Analysts from Citi and JMP Securities expressed confidence in Remitly’s future profitability, with Schmidt from Citi expecting positive GAAP net income by 2025. The company has also modestly raised its revenue outlook for 2025, reflecting its robust performance and strategic operations. These updates underscore Remitly’s ongoing growth and potential in the digital remittance sector.
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