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 Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total transaction of $45,000.00. Following the sale, the insider owned 220,830 shares in the company, valued at $3,312,450. This represents a 1.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, November 12th, Pankaj Sharma sold 2,000 shares of Remitly Global stock. The shares were sold at an average price of $12.47, for a total transaction of $24,940.00.

Remitly Global Stock Down 1.9%

Shares of RELY stock traded down $0.29 during trading hours on Thursday, reaching $14.94. The company’s stock had a trading volume of 5,177,877 shares, compared to its average volume of 3,247,690. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.32. The firm’s 50 day simple moving average is $14.52 and its 200-day simple moving average is $17.19. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 166.00 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The company had revenue of $419.49 million during the quarter, compared to analysts’ expectations of $413.73 million. During the same quarter in the previous year, the firm earned $0.01 EPS. Remitly Global’s revenue was up 24.7% on a year-over-year basis. Sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RELY shares. JPMorgan Chase & Co. decreased their price target on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. The Goldman Sachs Group cut their target price on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Weiss Ratings cut shares of Remitly Global from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Finally, JMP Securities cut their price objective on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a report on Monday, September 15th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.88.

Hedge Funds Weigh In On Remitly Global

Large investors have recently modified their holdings of the business. Elequin Capital LP bought a new stake in shares of Remitly Global in the first quarter worth $30,000. Essex Investment Management Co. LLC bought a new position in Remitly Global during the 3rd quarter worth $33,000. First Horizon Corp acquired a new position in Remitly Global during the 3rd quarter worth about $36,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Remitly Global in the 1st quarter valued at about $41,000. Finally, Quarry LP bought a new stake in shares of Remitly Global in the 3rd quarter valued at about $42,000. Institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.