Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells $554,190.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 21,000 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the sale, the insider directly owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Remitly Global Price Performance

Remitly Global stock opened at $26.82 on Thursday. The stock’s 50 day moving average is $24.33 and its 200 day moving average is $20.67. The firm has a market cap of $5.68 billion, a P/E ratio of 19.30 and a beta of 0.36. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. Equities analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently made changes to their positions in RELY. Summit Securities Group LLC acquired a new stake in shares of Remitly Global in the 1st quarter valued at about $26,000. Nykredit A S acquired a new position in Remitly Global during the 2nd quarter worth approximately $40,000. Torren Management LLC bought a new position in Remitly Global in the fourth quarter worth approximately $25,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global in the fourth quarter worth approximately $28,000. Finally, GAMMA Investing LLC grew its stake in Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 677 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RELY. Cantor Fitzgerald upped their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Citizens Jmp upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday, August 6th. The Goldman Sachs Group raised their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $27.78.

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.