Vanguard Group Inc. Sells 98,203 Shares of Remitly Global, Inc. $RELY

Key Points

• Vanguard slightly trimmed its stake in Remitly Global, selling 98,203 shares in the fourth quarter and leaving it with 16.05 million shares worth about $221.4 million.
• Remitly posted stronger-than-expected results for the quarter, earning $0.23 per share on revenue of $452.8 million, both above Wall Street estimates, while revenue rose 25.2% year over year.
• Insider selling has been notable, including transactions by Pankaj Sharma and CFO Vikas D. Mehta, with insiders selling 12.16 million shares worth about $194.8 million over the last 90 days.

Vanguard Group Inc. lessened its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 0.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,046,721 shares of the financial services provider's stock after selling 98,203 shares during the quarter. Vanguard Group Inc. owned 7.68% of Remitly Global worth $221,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock valued at $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC grew its stake in Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock valued at $7,142,000 after purchasing an additional 124,798 shares during the period. Caxton Associates LLP bought a new position in Remitly Global in the 1st quarter valued at $218,000. Focus Partners Wealth bought a new position in Remitly Global in the 1st quarter valued at $1,458,000. Finally, Cetera Investment Advisers grew its stake in Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after purchasing an additional 1,286 shares during the period. Institutional investors own 74.25% of the company's stock.

Insider Buying and Selling

In related news, insider Pankaj Sharma sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the completion of the transaction, the insider directly owned 665,878 shares of the company's stock, valued at approximately $13,317,560. This trade represents a 1.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the transaction, the chief financial officer directly owned 862,759 shares of the company's stock, valued at approximately $15,098,282.50. This trade represents a 2.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,163,520 shares of company stock worth $194,773,102 in the last 90 days. 6.53% of the stock is currently owned by company insiders.

Remitly Global Stock Up 5.3%

RELY stock opened at $24.01 on Friday. 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 company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 49.00, a PEG ratio of 0.85 and a beta of 0.40. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The stock has a fifty day moving average of $17.82 and a 200-day moving average of $15.37.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a return on equity of 13.28% and a net margin of 6.12%.The firm's quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.05 EPS. As a group, equities research analysts predict that Remitly Global, Inc. will post 0.61 earnings per share for the current year.

Wall Street Analyst Weigh In

RELY has been the subject of a number of research reports. Wall Street Zen downgraded shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 28th. Citizens Jmp increased their target price on shares of Remitly Global from $22.00 to $26.00 and gave the company a "market outperform" rating in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on shares of Remitly Global from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday, January 20th. Bank of America initiated coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a "buy" rating and a $18.00 target price for the company. Finally, Weiss Ratings raised shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $24.44.

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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