Insider Selling: Remitly Global (NASDAQ:RELY) Insider Sells 10,000 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $15.26, for a total transaction of $152,600.00. Following the completion of the transaction, the insider directly owned 665,878 shares in the company, valued at $10,161,298.28. This trade represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, February 19th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The shares were sold at an average price of $16.35, for a total value of $49,050.00.
• 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.

Remitly Global Stock Up 1.7%

RELY stock traded up $0.27 during mid-day trading on Thursday, hitting $16.02. The stock had a trading volume of 2,001,425 shares, compared to its average volume of 3,152,303. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70. The company has a fifty day moving average of $15.13 and a 200 day moving average of $14.82. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 51.68, a PEG ratio of 0.56 and a beta of 0.09.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. The business had revenue of $442.18 million during 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%.The firm’s revenue was up 25.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.03) EPS. On average, equities analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on RELY. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research report on Thursday, February 19th. Wall Street Zen downgraded shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Bank of America started coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $22.78.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its stake in shares of Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after buying an additional 3,790,210 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after buying an additional 2,567,446 shares during the last quarter. Marshall Wace LLP raised its holdings in Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after acquiring an additional 1,962,076 shares during the period. Norges Bank bought a new position in Remitly Global in the 2nd quarter worth $36,619,000. Finally, Azora Capital LP acquired a new position in Remitly Global during the 3rd quarter worth $31,213,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.