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 company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total value of $437,500.00. Following the sale, the chief financial officer owned 862,759 shares in the company, valued at approximately $15,098,282.50. This represents a 2.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Price Performance

NASDAQ:RELY opened at $17.04 on Friday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year 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. The firm has a fifty day simple moving average of $14.30 and a 200 day simple moving average of $15.22. The stock has a market capitalization of $3.59 billion, a PE ratio of 54.97 and a beta of 0.06.

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

Institutional Trading of Remitly Global

Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its stake in Remitly Global by 28.5% during the 2nd quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock worth $6,156,000 after acquiring an additional 72,689 shares during the period. Norges Bank bought a new stake in shares of Remitly Global during the 2nd quarter valued at $36,619,000. Geode Capital Management LLC lifted its position in shares of Remitly Global by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after acquiring an additional 129,706 shares during the period. LB Partners LLC grew its stake in Remitly Global by 60.4% during the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock worth $16,554,000 after buying an additional 382,314 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Remitly Global during the 2nd quarter worth approximately $425,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RELY. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Bank of America started coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 target price on the stock. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, 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.