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 stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the sale, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. This represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Performance

Shares of NASDAQ RELY traded down $0.47 during trading on Wednesday, hitting $25.75. The company had a trading volume of 3,161,159 shares, compared to its average volume of 3,961,863. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.15. The business’s 50-day moving average is $23.68 and its 200 day moving average is $20.11. The company has a market cap of $5.45 billion, a P/E ratio of 18.53 and a beta of 0.34.

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

Institutional Trading of Remitly Global

A number of hedge funds have recently bought and sold shares of RELY. HighTower Advisors LLC grew its position in Remitly Global by 10.7% in the 2nd quarter. HighTower Advisors LLC now owns 17,437 shares of the financial services provider’s stock worth $391,000 after purchasing an additional 1,684 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Remitly Global by 2,123.3% during the 2nd quarter. California State Teachers Retirement System now owns 4,633,604 shares of the financial services provider’s stock worth $103,839,000 after purchasing an additional 4,425,195 shares during the period. Compass Financial Management LLC acquired a new position in shares of Remitly Global during the second quarter valued at about $82,000. AXQ Capital LP acquired a new position in shares of Remitly Global during the second quarter valued at about $357,000. Finally, Nykredit A S bought a new stake in shares of Remitly Global in the second quarter valued at about $40,000. 74.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on RELY. 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. Citizens Jmp increased their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. KeyCorp raised their target price on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $27.78.

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.