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 Remitly Global stock in a transaction on Tuesday, May 26th. The stock was 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 directly owned 988,004 shares in the company, valued at $20,817,244.28. This represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 Price Performance

NASDAQ RELY traded down $0.27 on Wednesday, hitting $20.12. The stock had a trading volume of 2,808,912 shares, compared to its average volume of 4,159,927. The business’s fifty day moving average price is $19.28 and its 200 day moving average price is $15.91. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92. The stock has a market cap of $4.24 billion, a price-to-earnings ratio of 41.06 and a beta of 0.40.

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

Analyst Upgrades and Downgrades

RELY has been the topic of several analyst reports. Bank of America initiated coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target on the stock. Monness Crespi & Hardt lifted their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Wall Street Zen downgraded shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Remitly Global in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $24.63.

Institutional Investors Weigh In On Remitly Global

Several institutional investors and hedge funds have recently made changes to their positions in RELY. Bank of America Corp DE lifted its stake in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after buying an additional 4,252,294 shares during the period. Baillie Gifford & Co. lifted its stake in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after buying an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Remitly Global by 86.0% during 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 buying an additional 2,567,446 shares during the period. Marshall Wace LLP lifted its stake in shares of Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after buying an additional 1,962,076 shares during the period. Finally, Azora Capital LP acquired a new position in Remitly Global during the third quarter valued at $31,213,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.