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, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the transaction, the chief financial officer owned 988,004 shares in the company, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 Performance

Remitly Global stock opened at $20.00 on Friday. The firm has a market cap of $4.21 billion, a PE ratio of 40.82 and a beta of 0.40. The firm’s 50 day moving average price is $19.46 and its two-hundred day moving average price is $16.02. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 EPS. Equities analysts anticipate that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RELY shares. KeyCorp upped their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Oppenheimer set a $20.00 price target on shares of Remitly Global in a research note on Thursday, February 19th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Finally, Bank of America started coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.63.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RELY. California State Teachers Retirement System lifted its holdings in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after acquiring an additional 679 shares during the period. Main Management ETF Advisors LLC increased its position in shares of Remitly Global by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after purchasing an additional 984 shares in the last quarter. Empowered Funds LLC increased its position in shares of Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 1,050 shares in the last quarter. Xponance Inc. increased its position in shares of Remitly Global by 8.7% during the 3rd quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,060 shares in the last quarter. Finally, AlphaQuest LLC increased its position in shares of Remitly Global by 34.4% during the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,115 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.