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 business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the transaction, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their position. The sale was disclosed in a legal filing 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 value 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%

NASDAQ RELY opened at $20.02 on Friday. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92. The firm has a market capitalization of $4.22 billion, a P/E ratio of 40.86 and a beta of 0.40. The company has a 50-day moving average price of $19.55 and a 200-day moving average price of $16.05.

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

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its holdings in 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 worth $160,888,000 after acquiring an additional 3,790,210 shares in the last quarter. Marshall Wace LLP increased its holdings in Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after acquiring an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in 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 worth $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after purchasing an additional 1,748,576 shares during the period. Finally, Bank of America Corp DE boosted its stake in 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 worth $80,759,000 after purchasing an additional 4,252,294 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on RELY shares. Citizens Jmp upped their price target on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Monness Crespi & Hardt increased their target price on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.