Remitly Global (NASDAQ:RELY) Insider Ltd Naspers Sells 12,000,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ltd Naspers sold 12,000,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the sale, the insider directly owned 13,441,745 shares in the company, valued at $214,799,085.10. The trade was a 47.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Remitly Global Price Performance

Shares of RELY opened at $15.25 on Friday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The firm’s 50-day simple moving average is $14.56 and its two-hundred day simple moving average is $15.13. The stock has a market cap of $3.21 billion, a PE ratio of 49.19 and a beta of 0.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm had revenue of $442.18 million during the quarter, compared to analyst estimates of $427.27 million. During the same period last year, the business earned ($0.03) earnings per share. The business’s revenue was up 25.7% on a year-over-year basis. Analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Large investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after buying an additional 679 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Remitly Global by 29.9% in the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 714 shares in the last quarter. Main Management ETF Advisors LLC lifted its position in shares of Remitly Global by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after acquiring an additional 984 shares in the last quarter. Xponance Inc. boosted its stake in shares of Remitly Global by 8.7% in the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after acquiring an additional 1,060 shares during the period. Finally, AlphaQuest LLC boosted its stake in shares of Remitly Global by 34.4% in the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 1,115 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RELY shares. Citizens Jmp boosted their target price on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. The Goldman Sachs Group boosted their price target on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Finally, Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $22.78.

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.