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

Remitly Global, Inc. (NASDAQ:RELY) CFO Vikas Mehta sold 25,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at $24,678,670.25. This trade represents a 2.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through 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 Price Performance

NASDAQ:RELY traded down $0.47 during trading hours on Wednesday, reaching $25.75. 3,161,159 shares of the company were exchanged, compared to its average volume of 3,961,863. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 18.53 and a beta of 0.34. The stock has a 50 day simple moving average of $23.68 and a 200 day simple moving average of $20.11. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 EPS. On average, analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after buying an additional 677 shares in the last quarter. California State Teachers Retirement System boosted its stake 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 in the last quarter. Main Management ETF Advisors LLC grew 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 worth $1,329,000 after acquiring an additional 984 shares during the period. Empowered Funds LLC grew 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 worth $589,000 after acquiring an additional 1,050 shares during the period. Finally, New York State Teachers Retirement System raised its position in Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 1,184 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RELY shares. Wolfe Research lifted their price objective on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday. The Goldman Sachs Group raised their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Cantor Fitzgerald upped their target price on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Citizens Jmp upped their target price on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $27.78.

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.