Remitly Global (NASDAQ:RELY) Insider Pankaj Sharma Sells 21,000 Shares

Key Points

• Insider sale: Pankaj Sharma sold 21,000 Remitly Global shares for approximately $554,190 under a pre-arranged Rule 10b5-1 trading plan, reducing his stake by 2.85% to 716,022 shares.
• Strong quarterly results: Remitly reported $0.93 in quarterly EPS versus the $0.12 consensus estimate, while revenue rose 20.2% year over year to $495.16 million.
• Positive market sentiment: Analysts give the stock an average “Buy” rating with a $27.78 price target; shares recently traded at $26.74, near their 52-week high of $27.15.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 21,000 shares of Remitly Global stock in a transaction on Friday, August 28th. The shares were sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the transaction, the insider owned 716,022 shares of the company's stock, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Remitly Global Price Performance

Shares of RELY stock traded up $0.19 during trading hours on Monday, reaching $26.74. 2,820,810 shares of the company were exchanged, compared to its average volume of 3,949,081. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The stock's fifty day moving average is $23.99 and its two-hundred day moving average is $20.39. The company has a market cap of $5.66 billion, a price-to-earnings ratio of 19.24 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. Remitly Global's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.03 EPS. On average, research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Monness Crespi & Hardt restated a "buy" rating on shares of Remitly Global in a research report on Thursday, August 6th. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. Zacks Research upgraded shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 14th. Weiss Ratings raised Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. 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 stock. According to MarketBeat, Remitly Global currently has an average rating of "Buy" and an average price target of $27.78.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock worth $49,000 after buying an additional 677 shares during the last quarter. California State Teachers Retirement System grew its position in Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock worth $2,550,000 after buying an additional 679 shares in the last quarter. Main Management ETF Advisors LLC grew its position in Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider's stock worth $1,329,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC increased its holdings in Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock valued at $589,000 after buying an additional 1,050 shares during the period. Finally, New York State Teachers Retirement System increased its holdings in Remitly Global by 8.4% in the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider's stock valued at $210,000 after buying an additional 1,184 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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