Remitly Global (NASDAQ:RELY) Insider Sells $320,160.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the transaction, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, April 17th, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00.
• On Wednesday, April 1st, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $15.26, for a total transaction of $152,600.00.

Remitly Global Stock Performance

Shares of RELY stock opened at $20.02 on Monday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92. The firm’s fifty day simple moving average is $19.55 and its 200 day simple moving average is $16.07. The firm has a market capitalization of $4.22 billion, a P/E ratio of 40.86 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. Remitly Global’s revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Equities research analysts anticipate that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Several institutional investors and hedge funds have recently made changes to their positions in RELY. Bank of America Corp DE boosted its stake in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of 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 purchasing an additional 2,567,446 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of 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 valued at $74,966,000 after purchasing an additional 1,962,076 shares in the last quarter. Finally, Azora Capital LP acquired a new stake in shares of Remitly Global in the 3rd quarter valued at $31,213,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RELY shares. Cantor Fitzgerald boosted their price target on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. The Goldman Sachs Group reissued a “buy” rating and issued a $27.00 price target on shares of Remitly Global in a report on Thursday, May 7th. Oppenheimer set a $20.00 price target on shares of Remitly Global in a report on Thursday, February 19th. 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 target on the stock. Finally, Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.63.

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.