Ltd Naspers Sells 12,000,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ltd Naspers sold 12,000,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the completion of the sale, the insider directly owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. The trade was a 47.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Remitly Global Trading Down 1.8%

RELY opened at $15.25 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock’s 50 day moving average price is $14.56 and its 200-day moving average price is $15.11. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 49.19 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million during the quarter, compared to analyst estimates of $427.27 million. During the same period last year, the company earned ($0.03) EPS. Remitly Global’s quarterly revenue was up 25.7% compared to the same quarter last year. On average, equities analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. PEAK6 LLC raised its holdings in shares of Remitly Global by 260.0% in the fourth quarter. PEAK6 LLC now owns 46,928 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 76,258 shares in the last quarter. Corient Private Wealth LLC lifted its stake in Remitly Global by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider’s stock worth $2,843,000 after acquiring an additional 8,300 shares during the period. Virtu Financial LLC bought a new position in Remitly Global during the 4th quarter worth about $268,000. Creek Drive Management Group LLC bought a new position in Remitly Global during the 4th quarter worth about $2,036,000. Finally, Mercer Global Advisors Inc. ADV increased its position in Remitly Global by 102.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider’s stock valued at $7,767,000 after purchasing an additional 284,713 shares during the period. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Finally, Oppenheimer set a $20.00 target price on shares of Remitly Global in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $22.78.

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.