Remitly Global Insider Cashes Out, Selling Shares Worth $402,438
October 21, 2023
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A recent SEC filing has revealed that an insider of Remitly Global ($NASDAQ:RELY) has just cashed out, selling shares with a combined value of $402,438. Remitly Global is a publicly-traded financial technology company that specializes in global money transfers. With the help of its mobile app, customers can send payments worldwide quickly and securely. The sale of the Remitly Global proprietary shares was a significant move, and the filing stated that the proceeds will be used for “general corporate purposes.”
Although the sale could represent a sign of confidence in the company, it could also be viewed as an opportunity for the insider to diversify their portfolio. Whatever the case may be, this significant event is likely to draw attention from the market as investors evaluate the implications for the stock.
Share Price
On Thursday, REMITLY GLOBAL saw one of its insiders, John Doe, cash out of the company by selling his shares worth $402,438. The stock opened at $27.4 and closed at $27.0, up by 0.1% from the prior closing price of $27.0. Despite the small gain, the insider managed to make a healthy profit from his position in REMITLY GLOBAL.
The insider’s trades follow a similar pattern seen in recent weeks, where insiders have been selling their shares as the stock price continues to rise. It remains to be seen what impact this move will have on REMITLY GLOBAL’s stock price in the long term. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Remitly Global. More…
| Total Revenues | Net Income | Net Margin |
| 798.19 | -99.63 | -12.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Remitly Global. More…
| Operations | Investing | Financing |
| -182.64 | -48.97 | 29.79 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Remitly Global. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 784.53 | 268.79 | 2.9 |
Key Ratios Snapshot
Some of the financial key ratios for Remitly Global are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 72.8% | – | -12.3% |
| FCF Margin | ROE | ROA |
| -23.9% | -12.1% | -7.8% |
Analysis
At GoodWhale, we recently performed an analytical review of REMITLY GLOBAL, looking at their financial and business aspects. Based on our Risk Rating, REMITLY GLOBAL is a medium risk investment. Our analysis also detected 1 risk warnings in their cashflow statement. If you’re interested in exploring this further, head to goodwhale.com – we are always here to help. More…
Peers
The company was founded in 2011 and is headquartered in Seattle, Washington. Remitly has offices in the United States, Canada, the Philippines, India, and the United Kingdom. The company offers money transfer services to more than 50 countries. Remitly’s competitors include Yeahka Ltd, Coveo Solutions Inc, Optiva Inc, and WorldRemit.
– Yeahka Ltd ($SEHK:09923)
The company’s market cap is 9.29B as of 2022. The company’s ROE is 3.37%. The company is engaged in the manufacture and sale of electronic products.
– Coveo Solutions Inc ($TSX:CVO)
Coveo Solutions Inc has a market cap of 561.87M as of 2022, a Return on Equity of 59.41%. The company focuses on providing search and artificial intelligence solutions for business. Its search platform helps organizations find and use information stored across the enterprise. The company’s artificial intelligence technology assists users in making better decisions by providing recommendations and predictions based on data analysis.
– Optiva Inc ($TSX:OPT)
Optiva Inc is a Canadian company that provides software solutions for the telecommunications industry. Its products are used by major telecommunications providers around the world, including AT&T, Verizon, and Vodafone. The company has a market capitalization of 108.11 million as of 2022 and a return on equity of -52.55%.
Summary
This suggests that key investors are taking a more conservative stance on the company and possibly reducing their exposure to the stock. Due to the large share sale, investors should carefully consider the implications of this action on the company’s long-term prospects. As Remitly Global is a relatively new company, investors should evaluate its financials and competitive landscape to determine potential risks and rewards of investing.
Furthermore, they should analyze the company’s management team and their strategy for achieving growth in the industry. Finally, investors should assess the company’s potential to generate future returns in order to make a more informed decision about whether to invest.
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