Insider Selling: Remitly Global (NASDAQ:RELY) CFO Sells $653,750.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) CFO Vikas Mehta sold 25,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the transaction, the chief financial officer owned 943,735 shares in the company, valued at approximately $24,678,670.25. This trade represents a 2.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 2.2%

Shares of RELY stock opened at $26.55 on Friday. The firm has a 50 day moving average price of $23.99 and a two-hundred day moving average price of $20.34. The company has a market capitalization of $5.62 billion, a PE ratio of 19.10 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.

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

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Remitly Global during the 2nd quarter valued at $410,752,000. Marshall Wace LLP increased its position in shares of Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after purchasing an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the period. Bank of America Corp DE raised its stake in Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares in the last quarter. Finally, Generation Investment Management LLP acquired a new position in Remitly Global in the second quarter valued at about $109,637,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RELY has been the topic of several recent research reports. Cantor Fitzgerald increased their price objective on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. KeyCorp boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Finally, Citizens Jmp lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Two research analysts have 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.com, Remitly Global presently has a consensus rating of “Buy” and a consensus target price of $27.78.

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.