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 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 transaction of $437,500.00. Following the completion of the transaction, the chief financial officer owned 862,759 shares of the company’s stock, valued at $15,098,282.50. This trade represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Remitly Global Price Performance

NASDAQ RELY traded down $0.04 on Thursday, hitting $17.33. The stock had a trading volume of 2,474,969 shares, compared to its average volume of 3,996,016. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. 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 company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 55.90 and a beta of 0.06. The firm has a 50-day moving average of $14.19 and a 200-day moving average of $15.23.

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

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently modified their holdings of the company. Torren Management LLC purchased a new stake in Remitly Global in the fourth quarter worth approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global during the fourth quarter worth approximately $28,000. GAMMA Investing LLC lifted its holdings in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global in the 3rd quarter valued at $33,000. Finally, HighMark Wealth Management LLC purchased a new stake in shares of Remitly Global in the 4th quarter valued at $35,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on RELY shares. Monness Crespi & Hardt lowered their price target on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Bank of America initiated coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price on the stock. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average 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.