Remitly Global (NASDAQ:RELY) Insider Sells $152,600.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 10,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $15.26, for a total transaction of $152,600.00. Following the completion of the transaction, the insider directly owned 665,878 shares in the company, valued at $10,161,298.28. The trade was a 1.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Thursday, February 19th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The shares were sold at an average price of $16.35, for a total transaction of $49,050.00.
• On Wednesday, February 11th, Pankaj Sharma sold 2,000 shares of Remitly Global stock. The stock was sold at an average price of $13.70, for a total transaction of $27,400.00.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $16.02 on Friday. The firm has a market capitalization of $3.37 billion, a PE ratio of 51.68, a price-to-earnings-growth ratio of 0.57 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. The firm has a fifty day moving average of $15.17 and a 200 day moving average of $14.80.

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

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently bought and sold shares of RELY. Torren Management LLC purchased a new position in Remitly Global in the 4th quarter worth approximately $25,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the fourth quarter worth approximately $28,000. GAMMA Investing LLC grew 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 worth $30,000 after purchasing an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in shares of Remitly Global in the third quarter worth $33,000. Finally, HighMark Wealth Management LLC bought a new stake in Remitly Global during the 4th quarter valued at $35,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, February 19th. Bank of America began coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average 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.