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

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 21,000 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the transaction, the insider directly owned 716,022 shares of the company’s stock, valued at $18,895,820.58. This represents a 2.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Remitly Global Stock Down 3.9%

Shares of RELY stock opened at $25.71 on Wednesday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The company’s fifty day simple moving average is $24.22 and its 200-day simple moving average is $20.57. The firm has a market cap of $5.44 billion, a PE ratio of 18.50 and a beta of 0.36.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on RELY. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp increased their target price 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 lifted their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Wolfe Research upped their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Remitly Global currently has an average rating of “Buy” and an average target price of $27.78.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after buying an additional 677 shares during the last quarter. California State Teachers Retirement System grew its position in Remitly Global by 0.5% in the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after acquiring an additional 679 shares during the last quarter. Main Management ETF Advisors LLC raised its stake in Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after acquiring an additional 984 shares in the last quarter. Empowered Funds LLC raised its stake in Remitly Global by 2.9% during the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after acquiring an additional 1,050 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 1,184 shares during the last quarter. 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.