Remitly Global (NASDAQ:RELY) Insider Pankaj Sharma Sells 21,000 Shares of Stock

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

Remitly Global Trading Up 0.7%

NASDAQ:RELY opened at $26.74 on Tuesday. The company has a 50-day moving average of $24.11 and a 200-day moving average of $20.48. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 19.24 and a beta of 0.34. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. During the same period in the previous year, the firm earned $0.03 EPS. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Hedge Funds Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Torren Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter worth approximately $25,000. Summit Securities Group LLC purchased a new position in Remitly Global during the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global during the fourth quarter valued at approximately $28,000. HighMark Wealth Management LLC acquired a new position in Remitly Global in the 4th quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC increased its stake in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after buying an additional 1,545 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RELY. Citizens Jmp raised their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Cantor Fitzgerald boosted their target price on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, KeyCorp lifted their price target on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Two equities research 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. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $27.78.

Remitly Global Company Profile

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.