Pankaj Sharma Sells 2,000 Shares of Remitly Global (NASDAQ:RELY) Stock

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

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 value of $45,000.00.

Remitly Global Stock Down 0.2%

Shares of Remitly Global stock opened at $12.76 on Friday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.32. The stock has a market cap of $2.67 billion, a P/E ratio of 141.78 and a beta of 0.11. The business’s 50 day moving average is $13.79 and its 200-day moving average is $15.42.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 3,870 shares during the last quarter. Millennium Management LLC boosted its stake in Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares during the period. Caxton Associates LLP bought a new stake in Remitly Global in the 1st quarter valued at $218,000. Focus Partners Wealth acquired a new position in Remitly Global in the 1st quarter valued at $1,458,000. Finally, KLP Kapitalforvaltning AS increased its position in Remitly Global by 13.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 31,900 shares of the financial services provider’s stock worth $599,000 after buying an additional 3,800 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RELY has been the subject of a number of analyst reports. The Goldman Sachs Group reissued a “buy” rating and issued a $17.00 price objective on shares of Remitly Global in a research report on Tuesday, January 6th. JPMorgan Chase & Co. cut their target price 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. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Monness Crespi & Hardt dropped their price objective on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Finally, Bank of America began coverage on Remitly Global in a research note on Tuesday. They set a “buy” rating and a $18.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average target price of $23.70.

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.