Remitly Global (NASDAQ:RELY) Insider Sells $49,050.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 3,000 shares of Remitly Global stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the transaction, the insider directly owned 215,830 shares in the company, valued at $3,528,820.50. This trade represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 stock was 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 shares were sold at an average price of $15.00, for a total value of $45,000.00.

Remitly Global Price Performance

Remitly Global stock opened at $16.28 on Thursday. 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 stock has a market capitalization of $3.43 billion, a P/E ratio of 52.50 and a beta of 0.11. The stock has a fifty day moving average of $13.93 and a 200-day moving average of $15.31.

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

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 acquiring an additional 3,870 shares during the last quarter. Millennium Management LLC lifted its position in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after purchasing an additional 124,798 shares during the period. Caxton Associates LLP bought a new stake in shares of Remitly Global in the 1st quarter valued at $218,000. Focus Partners Wealth acquired a new stake in shares of Remitly Global during the first quarter worth $1,458,000. Finally, R Squared Ltd bought a new position in Remitly Global during the second quarter worth $248,000. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RELY has been the subject of several research reports. JPMorgan Chase & Co. dropped 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. Monness Crespi & Hardt lowered their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. The Goldman Sachs Group raised their price objective on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.78.

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.