Key Points
- CFO Vikas Mehta sold 25,000 shares on March 3 at an average price of $17.50 for $437,500, trimming his stake by 2.82% to 862,759 shares valued at about $15.1 million.
- Remitly reported a strong quarter, with EPS of $0.19 beating estimates by $0.17 and revenue of $442.2 million, up 25.7% year-over-year.
- Wall Street sentiment is generally positive, with an average analyst rating of "Buy" and a mean target price of $22.78 despite a range of price-target adjustments from brokers.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CFO Vikas Mehta sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were 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 in the company, valued at approximately $15,098,282.50. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Remitly Global Stock Performance
RELY traded down $0.44 on Friday, hitting $16.88. The company's stock had a trading volume of 610,696 shares, compared to its average volume of 3,917,404. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.70. The firm has a market cap of $3.56 billion, a P/E ratio of 54.45 and a beta of 0.06. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The company's 50 day simple moving average is $14.24 and its 200-day simple moving average is $15.24.
Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The business had revenue of $442.18 million for the quarter, compared to analysts' expectations of $427.27 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The business's revenue for the quarter was up 25.7% compared to the same quarter last year. Analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.
Wall Street Analysts Forecast Growth
Several brokerages have commented on RELY. Zacks Research upgraded Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. lowered their price target on shares of Remitly Global from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Tuesday, January 20th. Citizens Jmp boosted their price objective on shares of Remitly Global from $20.00 to $22.00 and gave the company a "market outperform" rating in a research note on Thursday, February 19th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a report on Thursday, February 19th. Finally, Cantor Fitzgerald increased their target price on shares of Remitly Global from $17.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Remitly Global currently has an average rating of "Buy" and an average target price of $22.78.
Read Our Latest Analysis on RELY
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the business. Torren Management LLC purchased a new position in shares of Remitly Global during the fourth quarter worth about $25,000. Essex Investment Management Co. LLC bought a new stake in Remitly Global during the third quarter valued at approximately $33,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global in the 4th quarter worth approximately $28,000. First Horizon Corp purchased a new position in Remitly Global in the 3rd quarter worth approximately $36,000. Finally, GAMMA Investing LLC increased its holdings in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock worth $30,000 after buying an additional 1,628 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.
About Remitly Global
(
Get Free Report)
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.
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