Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells 2,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $13.70, for a total transaction of $27,400.00. Following the transaction, the insider directly owned 218,830 shares in the company, valued at $2,997,971. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Wednesday, December 10th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The shares were sold at an average price of $15.00, for a total transaction of $45,000.00.

Remitly Global Stock Down 3.5%

RELY stock traded down $0.47 during trading on Thursday, hitting $12.78. 2,111,898 shares of the company’s stock traded hands, compared to its average volume of 3,050,821. The firm has a market capitalization of $2.67 billion, a P/E ratio of 142.00 and a beta of 0.11. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.32. The business has a fifty day simple moving average of $13.82 and a two-hundred day simple moving average of $15.47.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RELY. Bank of America initiated coverage on shares of Remitly Global in a report on Tuesday. They issued a “buy” rating and a $18.00 target price for the company. Cantor Fitzgerald raised shares of Remitly Global to a “strong-buy” rating in a research report on Tuesday, January 27th. JPMorgan Chase & Co. cut their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Monness Crespi & Hardt decreased their price objective on Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $17.00 target price on shares of Remitly Global in a research note on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.70.

Institutional Trading of Remitly Global

Large investors have recently added to or reduced their stakes in the company. Cibc World Markets Corp acquired a new stake in shares of Remitly Global during the 4th quarter valued at about $154,000. Tocqueville Asset Management L.P. boosted its position in Remitly Global by 123.1% during the fourth quarter. Tocqueville Asset Management L.P. now owns 290,000 shares of the financial services provider’s stock worth $4,002,000 after purchasing an additional 160,000 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Remitly Global by 5.1% in the fourth quarter. New York State Common Retirement Fund now owns 127,323 shares of the financial services provider’s stock valued at $1,757,000 after purchasing an additional 6,200 shares during the period. Swiss National Bank increased its position in shares of Remitly Global by 2.8% in the fourth quarter. Swiss National Bank now owns 345,500 shares of the financial services provider’s stock valued at $4,768,000 after buying an additional 9,500 shares in the last quarter. Finally, Empowered Funds LLC increased its position in shares of Remitly Global by 9.5% in the fourth quarter. Empowered Funds LLC now owns 36,543 shares of the financial services provider’s stock valued at $504,000 after buying an additional 3,160 shares in the last quarter. Hedge funds and other 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.