Remitly Global (NASDAQ:RELY) Insider Pankaj Sharma Sells 16,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, April 17th, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total value of $200,000.00.
• On Wednesday, April 1st, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $15.26, for a total value of $152,600.00.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $20.02 on Friday. The business’s 50 day moving average is $19.55 and its two-hundred day moving average is $16.05. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92. The stock has a market capitalization of $4.22 billion, a P/E ratio of 40.86 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data 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. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The firm’s revenue for the quarter was up 25.2% on a year-over-year basis. As a group, equities research analysts anticipate that Remitly Global, Inc. will post 0.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on RELY. Bank of America began coverage on Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective on the stock. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Remitly Global in a research note on Wednesday, May 20th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and a consensus target price of $24.63.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Torren Management LLC bought a new position in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new stake in shares of Remitly Global in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC boosted its holdings in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global in the third quarter valued at approximately $33,000. Institutional investors own 74.25% of the company’s stock.

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.