Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells 12,000,000 Shares of Stock

Key Points

• Insider sale: Ltd Naspers sold 12,000,000 shares of Remitly on March 12 at an average of $15.98 each, a ~$191.8 million transaction that cut its stake by 47.17% to 13,441,745 shares.
• Financials and outlook: Remitly beat the quarter with $0.19 EPS vs $0.02 expected and revenue of $442.2M (up 25.7% YoY); the stock trades near $15.59 (market cap ~$3.28B) and analysts’ consensus is a "Buy" with an average target of $22.78.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Ltd Naspers sold 12,000,000 shares of the business's stock in a transaction dated 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 sale, the insider owned 13,441,745 shares in the company, valued at $214,799,085.10. This trade represents a 47.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Remitly Global Stock Up 0.4%

Shares of Remitly Global stock traded up $0.06 during trading hours on Friday, reaching $15.59. 520,154 shares of the company were exchanged, compared to its average volume of 3,892,386. The firm has a market cap of $3.28 billion, a PE ratio of 50.15 and a beta of 0.06. The stock's fifty day moving average is $14.52 and its 200 day moving average is $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. 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 released its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million during the quarter, compared to analysts' expectations of $427.27 million. During the same period in the prior year, the firm posted ($0.03) EPS. The business's quarterly revenue was up 25.7% compared to the same quarter last year. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Institutional Trading of Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. PEAK6 LLC increased its stake in shares of Remitly Global by 260.0% during the 4th quarter. PEAK6 LLC now owns 46,928 shares of the financial services provider's stock valued at $648,000 after acquiring an additional 76,258 shares during the last quarter. Corient Private Wealth LLC increased its position in Remitly Global by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider's stock worth $2,843,000 after purchasing an additional 8,300 shares during the last quarter. Virtu Financial LLC purchased a new position in Remitly Global during the fourth quarter worth approximately $268,000. Creek Drive Management Group LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth $2,036,000. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in Remitly Global by 102.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider's stock valued at $7,767,000 after acquiring an additional 284,713 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on RELY shares. Oppenheimer set a $20.00 price target on shares of Remitly Global in a report on Thursday, February 19th. Weiss Ratings upgraded shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, February 20th. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. 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 on the stock. Finally, Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 19th. One equities research 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. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $22.78.

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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