Key Points
- Remitly CFO Vikas Mehta sold 25,000 shares on May 26 at an average price of $21.07, totaling about $526,750. The sale was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding tied to vesting equity awards.
- Remitly reported stronger-than-expected first-quarter results, with EPS of $0.23 versus the $0.12 consensus and revenue of $452.8 million, up 25.2% year over year. The company also posted a 6.12% net margin and 12.90% return on equity.
- Analyst sentiment remains positive overall, with the stock carrying a “Moderate Buy” rating and an average price target of $24.63. Recent price-target moves ranged from $18 at Bank of America to $28 at Cantor Fitzgerald, while the shares were down 1.3% and opened at $20.12.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Ankur Sinha sold 7,596 shares of the firm's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following the transaction, the insider directly owned 1,222,718 shares of the company's stock, valued at $25,762,668.26. This represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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.
Ankur Sinha also recently made the following trade(s):
- On Wednesday, March 11th, Ankur Sinha sold 9,741 shares of Remitly Global stock. The shares were sold at an average price of $16.94, for a total value of $165,012.54.
Remitly Global Trading Down 1.3%
Shares of Remitly Global stock opened at $20.12 on Thursday. The firm has a market capitalization of $4.24 billion, a P/E ratio of 41.06 and a beta of 0.40. The business has a fifty day simple moving average of $19.38 and a two-hundred day simple moving average of $15.97. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.92.
Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company's revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 earnings per share. Analysts predict that Remitly Global, Inc. will post 0.67 earnings per share for the current year.
Analysts Set New Price Targets
Several brokerages have commented on RELY. Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Wall Street Zen lowered Remitly Global from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 28th. The Goldman Sachs Group reissued a "buy" rating and set a $27.00 price objective on shares of Remitly Global in a research report on Thursday, May 7th. Citigroup reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, May 7th. Finally, Cantor Fitzgerald lifted their price target on Remitly Global from $24.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. One equities research 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. Based on data from MarketBeat, Remitly Global has an average rating of "Moderate Buy" and an average target price of $24.63.
Check Out Our Latest Analysis on RELY
Hedge Funds Weigh In On Remitly Global
Large investors have recently modified their holdings of the stock. Summit Securities Group LLC purchased a new position in shares of Remitly Global in the 1st quarter worth about $26,000. Torren Management LLC purchased a new position in shares of Remitly Global in the 4th quarter worth about $25,000. Essex Investment Management Co. LLC purchased a new position in shares of Remitly Global in the 3rd quarter worth about $33,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global in the 4th quarter worth about $28,000. Finally, GAMMA Investing LLC raised its position 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 purchasing an additional 1,628 shares during the last quarter. Hedge funds and other institutional investors 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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