Remitly Global, Inc. (NASDAQ:RELY) Major Shareholder Sells $272,391,000.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) major shareholder Ltd Naspers sold 11,900,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total value of $272,391,000.00. Following the completion of the transaction, the insider now directly owns 25,441,745 shares of the company’s stock, valued at approximately $582,361,543.05. This trade represents a 31.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Remitly Global Stock Performance

RELY stock opened at $22.79 on Friday. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a market capitalization of $4.65 billion, a PE ratio of -119.95 and a beta of 0.16. The company’s 50-day simple moving average is $20.66 and its 200 day simple moving average is $21.77.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same period in the prior year, the company posted ($0.11) earnings per share. The business’s revenue for the quarter was up 34.3% on a year-over-year basis. On average, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RELY shares. JPMorgan Chase & Co. increased their target price on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Barclays increased their target price on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. The Goldman Sachs Group increased their target price on Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. KeyCorp increased their target price on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company raised their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock valued at $311,109,000 after acquiring an additional 306,099 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after acquiring an additional 150,602 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock valued at $106,867,000 after acquiring an additional 4,037,151 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after acquiring an additional 1,220,806 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after acquiring an additional 49,281 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.