Key Points
- Insider sale: Ltd Naspers sold 12,000,000 shares of Remitly on March 12 at an average price of $15.98, generating about $191.76 million and reducing its stake by 47.17% to 13,441,745 shares (~$214.8M).
- Remitly reported stronger-than-expected quarterly results, posting $0.19 EPS versus a $0.02 consensus and revenue of $442.18 million, up 25.7% year-over-year.
- Market and analyst snapshot: shares opened at $15.25 with a market cap around $3.21 billion, and analysts have a consensus "Buy" rating with a $22.78 target price.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Ltd Naspers sold 12,000,000 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the transaction, the insider owned 13,441,745 shares of the company's stock, valued at approximately $214,799,085.10. This represents a 47.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Remitly Global Stock Performance
Shares of NASDAQ RELY opened at $15.25 on Friday. The company has a market cap of $3.21 billion, a P/E ratio of 49.19 and a beta of 0.06. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. 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 firm's fifty day moving average is $14.56 and its two-hundred day moving average is $15.13.
Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million during the quarter, compared to analyst estimates of $427.27 million. During the same quarter last year, the business posted ($0.03) earnings per share. The business's quarterly revenue was up 25.7% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on RELY. Weiss Ratings upgraded shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, February 20th. Cantor Fitzgerald lifted their target price on Remitly Global from $17.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, February 19th. Bank of America started coverage on Remitly Global in a research report on Tuesday, February 10th. They set a "buy" rating and a $18.00 target price on the stock. Citigroup restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Remitly Global from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 20th. One investment 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 stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $22.78.
View Our Latest Analysis on Remitly Global
Hedge Funds Weigh In On Remitly Global
A number of hedge funds have recently added to or reduced their stakes in the stock. Torren Management LLC bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global during the 4th quarter worth $28,000. GAMMA Investing LLC lifted 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 period. Essex Investment Management Co. LLC bought a new position in shares of Remitly Global during the 3rd quarter worth $33,000. Finally, HighMark Wealth Management LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at $35,000. 74.25% of the stock is currently owned by institutional investors.
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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