Key Points
- Ankur Sinha sold 9,741 shares on March 11 at an average price of $16.94 for proceeds of $165,012.54, leaving him with 1,180,119 shares (a 0.82% reduction).
- Remitly beat quarterly expectations, reporting $0.19 EPS vs. $0.02 consensus and revenue of $442.18M (up 25.7% year‑over‑year), with a 4.15% net margin and 8.87% ROE.
- The stock traded near $15.40, has a $3.24B market cap and a P/E of 49.6, a 52‑week range of $12.08–$24.70, and an average analyst rating of "Buy" with a $22.78 mean target price.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Ankur Sinha sold 9,741 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the transaction, the insider owned 1,180,119 shares in the company, valued at $19,991,215.86. The trade was a 0.82% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Remitly Global Price Performance
Shares of NASDAQ RELY traded down $0.14 during mid-day trading on Friday, reaching $15.40. The company's stock had a trading volume of 1,837,978 shares, compared to its average volume of 3,920,089. The stock has a 50-day moving average of $14.52 and a two-hundred day moving average of $15.16. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock has a market capitalization of $3.24 billion, a P/E ratio of 49.63 and a beta of 0.06. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70.
Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. The company had revenue of $442.18 million during the quarter, compared to analysts' expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. Remitly Global's revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.03) EPS. On average, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. Oppenheimer set a $20.00 price objective on Remitly Global in a research report on Thursday, February 19th. Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 20th. Weiss Ratings upgraded Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, February 20th. Bank of America assumed coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a "buy" rating and a $18.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Remitly Global from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Tuesday, January 20th. One equities research analyst has 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 data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $22.78.
View Our Latest Report on Remitly Global
Hedge Funds Weigh In On Remitly Global
Large investors have recently modified their holdings of the business. California State Teachers Retirement System grew 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 purchasing an additional 679 shares during the period. Exchange Traded Concepts LLC lifted its position in Remitly Global by 29.9% in the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider's stock valued at $50,000 after buying an additional 714 shares during the last quarter. Main Management ETF Advisors LLC boosted its stake in Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider's stock worth $1,329,000 after buying an additional 984 shares during the period. Xponance Inc. boosted its stake in Remitly Global by 8.7% during the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider's stock worth $217,000 after buying an additional 1,060 shares during the period. Finally, AlphaQuest LLC increased its position in shares of Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider's stock valued at $71,000 after acquiring an additional 1,115 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.
Remitly Global Company Profile
(
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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