Pankaj Sharma Sells 16,000 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were 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 of the company’s stock, valued at $15,363,878.10. The trade was a 2.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 Friday, April 17th, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The shares were 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 shares were sold at an average price of $15.26, for a total transaction of $152,600.00.

Remitly Global Stock Up 0.1%

Shares of RELY stock traded up $0.02 during trading hours on Friday, hitting $20.02. 3,792,714 shares of the company’s stock traded hands, compared to its average volume of 4,145,310. The stock’s 50 day simple moving average is $19.46 and its 200 day simple moving average is $16.02. The stock has a market cap of $4.22 billion, a PE ratio of 40.86 and a beta of 0.40. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.92.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. As a group, equities research analysts expect that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Analysts Set New Price Targets

RELY has been the subject of several analyst reports. Monness Crespi & Hardt raised their price target on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Cantor Fitzgerald lifted their target price on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. KeyCorp lifted their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $24.63.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Summit Securities Group LLC acquired a new stake in Remitly Global in the first quarter worth $26,000. Torren Management LLC bought a new position in shares of Remitly Global during the 4th quarter worth about $25,000. Essex Investment Management Co. LLC bought a new position in shares of Remitly Global during the 3rd quarter worth about $33,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the 4th quarter valued at about $28,000. Finally, GAMMA Investing LLC grew its stake in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,628 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.