Remitly Global (NASDAQ:RELY) Insider Pankaj Sharma Sells 10,000 Shares

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 10,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the transaction, the insider directly owned 665,878 shares in the company, valued at $13,317,560. This trade represents a 1.48% decrease in their position. The sale 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 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.
• 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 transaction 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 transaction of $27,400.00.

Remitly Global Trading Up 0.8%

Shares of NASDAQ RELY traded up $0.16 during mid-day trading on Tuesday, hitting $20.80. The company’s stock had a trading volume of 2,975,178 shares, compared to its average volume of 3,701,612. The stock has a market cap of $4.38 billion, a price-to-earnings ratio of 67.10, a price-to-earnings-growth ratio of 0.71 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70. The company’s fifty day simple moving average is $16.19 and its 200-day simple moving average is $14.88.

Remitly Global (NASDAQ:RELY) last issued its 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 company had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) EPS. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Citizens Jmp lifted their price objective on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 19th. KeyCorp lifted their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday. Cantor Fitzgerald lifted their price objective on shares of Remitly Global from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $22.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Torren Management LLC bought a new position in Remitly Global during the 4th quarter worth approximately $25,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the 4th quarter worth approximately $28,000. GAMMA Investing LLC boosted its stake in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in Remitly Global during the 3rd quarter worth approximately $33,000. Finally, HighMark Wealth Management LLC acquired a new stake in Remitly Global during the 4th quarter worth approximately $35,000. 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.