Remitly Global, Inc. $RELY Shares Sold by Laird Norton Wetherby Trust Company LLC

Key Points

• Major insider sale: Ltd Naspers sold 12,000,000 shares at an average $15.98 for roughly $191.8M (a 47.17% reduction), and insiders have sold about 12.07M shares worth $193.0M in the last three months, leaving insiders owning 8.10% of the stock.
• Mixed institutional activity: Laird Norton Wetherby Trust cut its position by 73.5% (sold 77,389 shares), while other institutions like ArrowMark Colorado significantly increased stakes (now 5.53M shares), with institutions owning 74.25% of Remitly.
• Positive analyst and operational signals: Remitly beat quarterly expectations (EPS $0.19 vs $0.02 estimate; revenue $442.18M, +25.7% YoY), and analysts hold a consensus Buy rating with an average target of $22.78.

Laird Norton Wetherby Trust Company LLC reduced its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 73.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,901 shares of the financial services provider's stock after selling 77,389 shares during the period. Laird Norton Wetherby Trust Company LLC's holdings in Remitly Global were worth $455,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Gotham Asset Management LLC increased its position in Remitly Global by 43.4% during the 3rd quarter. Gotham Asset Management LLC now owns 230,446 shares of the financial services provider's stock worth $3,756,000 after purchasing an additional 69,697 shares in the last quarter. Brevan Howard Capital Management LP purchased a new position in Remitly Global in the third quarter valued at approximately $1,457,000. Azora Capital LP acquired a new position in Remitly Global during the third quarter valued at approximately $31,213,000. Aquatic Capital Management LLC acquired a new position in Remitly Global during the third quarter valued at approximately $557,000. Finally, ArrowMark Colorado Holdings LLC grew its stake in Remitly Global by 46.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider's stock worth $90,159,000 after buying an additional 1,748,576 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RELY. Bank of America assumed coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 price objective for the company. Zacks Research raised shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 20th. Citizens Jmp upped their price target on shares of Remitly Global from $20.00 to $22.00 and gave the stock a "market outperform" rating in a research report on Thursday, February 19th. Wall Street Zen upgraded Remitly Global from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. Finally, Citigroup reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of "Buy" and an average target price of $22.78.

Insider Activity

In other Remitly Global news, insider Ltd Naspers sold 12,000,000 shares of the business's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $15.98, for a total value of $191,760,000.00. Following the transaction, the insider owned 13,441,745 shares in the company, valued at $214,799,085.10. The trade was a 47.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the company's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the transaction, the insider directly owned 215,830 shares of the company's stock, valued at approximately $3,528,820.50. The trade was a 1.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,073,290 shares of company stock worth $193,019,269 over the last three months. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Stock Up 0.1%

Shares of NASDAQ:RELY opened at $15.26 on Tuesday. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 49.23 and a beta of 0.06. The company has a 50 day moving average of $14.60 and a two-hundred day moving average of $15.07. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.17. The business had revenue of $442.18 million for 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%. The business's revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.03) earnings per share. As a group, analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

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.

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