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, March 3rd. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the transaction, the chief financial officer owned 862,759 shares in the company, valued at $15,098,282.50. This represents a 2.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Stock Down 2.5%

Remitly Global stock traded down $0.44 during trading on Friday, hitting $16.88. 610,696 shares of the company were exchanged, compared to its average volume of 3,917,404. The company has a market capitalization of $3.56 billion, a P/E ratio of 54.45 and a beta of 0.06. The business’s 50 day moving average is $14.24 and its 200 day moving average is $15.24. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.17. The business had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business’s revenue was up 25.7% on a year-over-year basis. During the same period last year, the business earned ($0.03) EPS. Analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently modified their holdings of RELY. Baillie Gifford & Co. grew its holdings in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the period. Marshall Wace LLP lifted its position in shares of Remitly Global by 30.4% during the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after buying an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Remitly Global by 86.0% during 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 acquiring an additional 2,567,446 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after acquiring an additional 1,748,576 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Remitly Global by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock worth $57,278,000 after acquiring an additional 67,700 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. Citizens Jmp lifted their price target on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Finally, Cantor Fitzgerald upped their price objective on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $22.78.

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.