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

Remitly Global, Inc. (NASDAQ:RELY) CFO Vikas Mehta sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the transaction, the chief financial officer directly owned 988,004 shares in the company, valued at approximately $20,817,244.28. This trade represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 Price Performance

Shares of NASDAQ:RELY traded down $0.27 during trading on Wednesday, reaching $20.12. 2,808,912 shares of the company were exchanged, compared to its average volume of 4,159,927. The firm has a market capitalization of $4.24 billion, a PE ratio of 41.06 and a beta of 0.40. The business’s fifty day simple moving average is $19.28 and its 200-day simple moving average is $15.91. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period last year, the company posted $0.05 earnings per share. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System increased its holdings in Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after buying an additional 679 shares during the period. Main Management ETF Advisors LLC increased its holdings in Remitly Global by 1.0% during 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 buying an additional 984 shares during the period. Empowered Funds LLC increased its holdings in Remitly Global by 2.9% during the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after buying an additional 1,050 shares during the period. Xponance Inc. increased its holdings in Remitly Global by 8.7% during the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock valued at $217,000 after buying an additional 1,060 shares during the period. Finally, AlphaQuest LLC increased its holdings in Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after buying an additional 1,115 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. KeyCorp raised their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Remitly Global in a report on Wednesday, May 20th. The Goldman Sachs Group reissued a “buy” rating and set a $27.00 price objective on shares of Remitly Global in a report on Thursday, May 7th. Finally, Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. One equities research 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. Based on data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $24.63.

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.