Remitly Global (NASDAQ:RELY) CFO Vikas Mehta Sells 25,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) CFO Vikas Mehta sold 25,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the sale, the chief financial officer directly owned 988,004 shares of the company’s stock, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Remitly Global Stock Down 1.3%

Shares of NASDAQ:RELY opened at $20.12 on Thursday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The firm has a 50-day simple moving average of $19.38 and a 200 day simple moving average of $15.97. The company has a market cap of $4.24 billion, a PE ratio of 41.06 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same quarter in the prior year, the firm earned $0.05 EPS. The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. As a group, research analysts forecast that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RELY shares. Oppenheimer set a $20.00 price objective on shares of Remitly Global in a report on Thursday, February 19th. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, May 7th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Finally, Cantor Fitzgerald increased their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

Institutional Trading of Remitly Global

A number of large investors have recently modified their holdings of the company. Essential Partners LLC grew its position in Remitly Global by 181.8% in the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock valued at $51,000 after buying an additional 2,116 shares in the last quarter. Bank of America Corp DE grew its position in 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 valued at $80,759,000 after buying an additional 4,252,294 shares in the last quarter. Amundi bought a new position in Remitly Global in the 1st quarter valued at about $293,000. EverSource Wealth Advisors LLC grew its position in Remitly Global by 55.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,102 shares of the financial services provider’s stock valued at $64,000 after buying an additional 1,460 shares in the last quarter. Finally, California State Teachers Retirement System grew its position in Remitly Global by 24.7% in the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock valued at $3,266,000 after buying an additional 41,221 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.