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 Remitly Global stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the transaction, the chief financial officer owned 943,735 shares in the company, valued at approximately $24,678,670.25. The trade was a 2.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 1.8%

NASDAQ RELY opened at $25.75 on Thursday. The company has a 50-day simple moving average of $23.78 and a two-hundred day simple moving average of $20.20. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 18.53 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $0.03 earnings per share. Equities analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Institutional Trading of Remitly Global

Several large investors have recently modified their holdings of RELY. BlackRock Inc. bought a new position in Remitly Global during the 2nd quarter valued at approximately $410,752,000. Marshall Wace LLP lifted its holdings in Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after buying an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares during the last quarter. Bank of America Corp DE grew its position in shares of 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 worth $80,759,000 after buying an additional 4,252,294 shares during the last quarter. Finally, Generation Investment Management LLP bought a new stake in shares of Remitly Global in the 2nd quarter worth approximately $109,637,000. 74.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RELY shares. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. KeyCorp lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Wolfe Research upped their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $27.78.

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.