Remitly Global (NASDAQ:RELY) Insider Sells $191,760,000.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Ltd Naspers sold 12,000,000 shares of the company’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 completion of the transaction, the insider owned 13,441,745 shares of the company’s stock, valued at $214,799,085.10. The trade was a 47.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Remitly Global Stock Down 1.8%

Shares of NASDAQ:RELY opened at $15.25 on Monday. The stock’s 50-day moving average price is $14.56 and its two-hundred day moving average price is $15.09. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.70. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 49.19 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.02 by $0.17. The company had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm’s revenue was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) EPS. On average, research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Remitly Global in the 2nd quarter valued at $36,619,000. Geode Capital Management LLC lifted its holdings in shares of Remitly Global by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after acquiring an additional 129,706 shares in the last quarter. LB Partners LLC boosted its position in Remitly Global by 60.4% during the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock worth $16,554,000 after purchasing an additional 382,314 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Remitly Global in the 2nd quarter valued at $425,000. Finally, Renaissance Group LLC increased its holdings in Remitly Global by 52.0% in the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock valued at $8,069,000 after purchasing an additional 169,271 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note 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. Citizens Jmp increased their target price on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 19th. Finally, Bank of America assumed coverage on Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price on the stock. One 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. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price 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.