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 business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the sale, the chief financial officer directly owned 862,759 shares of the company’s stock, valued at $15,098,282.50. This represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Remitly Global Trading Down 0.2%

Shares of NASDAQ:RELY traded down $0.04 on Thursday, reaching $17.33. 2,474,969 shares of the company traded hands, compared to its average volume of 3,996,016. The business’s 50-day simple moving average is $14.19 and its 200 day simple moving average is $15.23. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70. The stock has a market capitalization of $3.65 billion, a P/E ratio of 55.90 and a beta of 0.06. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC purchased a new stake in shares of Remitly Global in the 4th quarter worth about $268,000. Corient Private Wealth LLC raised 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 buying an additional 8,300 shares in the last quarter. Creek Drive Management Group LLC purchased a new stake in Remitly Global in the fourth quarter worth about $2,036,000. Mercer Global Advisors Inc. ADV lifted its holdings in Remitly Global by 102.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider’s stock worth $7,767,000 after buying an additional 284,713 shares during the period. Finally, Vident Advisory LLC boosted its position in Remitly Global by 25.0% during the 4th quarter. Vident Advisory LLC now owns 86,038 shares of the financial services provider’s stock valued at $1,187,000 after acquiring an additional 17,206 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RELY has been the topic of several recent analyst reports. Cantor Fitzgerald raised their target price on shares of Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, February 19th. Wall Street Zen raised shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Citizens Jmp raised their price target on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. JPMorgan Chase & Co. lowered their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Monness Crespi & Hardt dropped their target price on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. One 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, Remitly Global presently has an average rating of “Buy” and an average target price of $22.78.

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.