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

Remitly Global, Inc. (NASDAQ:RELY) CFO Vikas Mehta sold 25,000 shares of the stock in a transaction 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 sale, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at $24,678,670.25. This represents a 2.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Stock Up 0.9%

Shares of NASDAQ:RELY opened at $25.99 on Friday. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 18.70 and a beta of 0.34. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The company’s fifty day simple moving average is $23.88 and its 200 day simple moving average is $20.29.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 EPS. Research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RELY. KeyCorp increased their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of “Buy” and an average price target of $27.78.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 677 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Remitly Global by 0.5% in the 2nd 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 last quarter. Main Management ETF Advisors LLC grew its stake in shares of Remitly Global by 1.0% in 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 in the last quarter. Empowered Funds LLC grew its stake in shares of Remitly Global by 2.9% in 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 in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Remitly Global by 8.4% during 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 buying an additional 1,184 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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.