Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells 3,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total transaction of $45,000.00. Following the sale, the insider directly owned 220,830 shares in the company, valued at $3,312,450. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Pankaj Sharma also recently made the following trade(s):

• On Wednesday, November 12th, Pankaj Sharma sold 2,000 shares of Remitly Global stock. The shares were sold at an average price of $12.47, for a total transaction of $24,940.00.

Remitly Global Stock Down 1.9%

Shares of RELY stock traded down $0.29 on Thursday, reaching $14.94. The stock had a trading volume of 5,177,877 shares, compared to its average volume of 3,247,690. The firm’s 50-day moving average is $14.52 and its two-hundred day moving average is $17.19. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 166.00 and a beta of 0.11. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $419.49 million during the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.Remitly Global’s quarterly revenue was up 24.7% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. On average, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently bought and sold shares of the business. Cetera Investment Advisers bought a new stake in Remitly Global in the 1st quarter valued at about $223,000. Vanguard Group Inc. raised its position in shares of Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock valued at $311,109,000 after buying an additional 306,099 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Remitly Global by 0.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,254,094 shares of the financial services provider’s stock valued at $26,085,000 after buying an additional 7,512 shares during the period. Townsquare Capital LLC grew its position in Remitly Global by 2.5% during the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock worth $393,000 after buying an additional 459 shares in the last quarter. Finally, Invesco Ltd. grew its position in Remitly Global by 5.1% during the first quarter. Invesco Ltd. now owns 117,285 shares of the financial services provider’s stock worth $2,440,000 after buying an additional 5,673 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Monness Crespi & Hardt decreased their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 3rd. JMP Securities dropped their price objective on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Monday, September 15th. The Goldman Sachs Group cut their target price on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Finally, Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.88.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.