Pankaj Sharma Sells 3,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 3,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $16.35, for a total value of $49,050.00. Following the transaction, the insider owned 215,830 shares of the company’s stock, valued at $3,528,820.50. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Wednesday, February 11th, Pankaj Sharma sold 2,000 shares of Remitly Global stock. The shares were sold at an average price of $13.70, for a total value of $27,400.00.
• On Wednesday, December 10th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The stock was sold at an average price of $15.00, for a total value of $45,000.00.

Remitly Global Stock Performance

RELY stock opened at $16.19 on Wednesday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70. The business has a 50-day moving average price of $13.89 and a 200 day moving average price of $15.30. The company has a market capitalization of $3.41 billion, a P/E ratio of 52.23 and a beta of 0.11. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30.

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

Analysts Set New Price Targets

Several research firms have issued reports on RELY. The Goldman Sachs Group lifted their target price on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday. Finally, Bank of America began coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective for the company. One equities research analyst has 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 a consensus rating of “Buy” and an average price target of $22.78.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Torren Management LLC purchased a new position in shares of Remitly Global during the fourth quarter worth $25,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global in the fourth quarter worth about $28,000. GAMMA Investing LLC boosted its stake in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares in the last quarter. Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global during the 3rd quarter worth about $33,000. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter valued at about $35,000. 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.