Pankaj Sharma Sells 5,000 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Key Points

• Remitly Global, Inc. insider Pankaj Sharma sold 5,000 shares at an average price of $19.71, totaling $98,550, which reduced his ownership by 2.61% to 186,926 shares.
• The company reported a net margin of 0.96% and a quarterly revenue of $411.85 million, exceeding analyst expectations and reflecting a 34.4% year-over-year increase.
• Analysts have set new price targets for Remitly Global, with KeyCorp increasing its target from $27.00 to $28.00, indicating continued institutional interest despite a recent downgrade from Wall Street Zen.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 5,000 shares of Remitly Global stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total transaction of $98,550.00. Following the sale, the insider owned 186,926 shares of the company's stock, valued at approximately $3,684,311.46. This trade represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, August 14th, Pankaj Sharma sold 4,000 shares of Remitly Global stock. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00.

Remitly Global Stock Down 0.3%

RELY stock traded down $0.05 during midday trading on Friday, reaching $19.60. The stock had a trading volume of 2,754,201 shares, compared to its average volume of 4,833,845. The business has a fifty day simple moving average of $18.44 and a two-hundred day simple moving average of $20.72. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 326.72 and a beta of 0.12. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company's revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.06) EPS. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RELY shares. Monness Crespi & Hardt boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday. The Goldman Sachs Group upped their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. KeyCorp reiterated an "overweight" rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, Barclays upped their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Institutional Trading of Remitly Global

A number of institutional investors have recently modified their holdings of the stock. LPL Financial LLC bought a new position in Remitly Global in the fourth quarter valued at about $347,000. Wells Fargo & Company MN boosted its holdings in Remitly Global by 53.1% in the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after acquiring an additional 24,559 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Remitly Global by 221.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock valued at $1,214,000 after purchasing an additional 37,046 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Remitly Global by 168.9% in the fourth quarter. Russell Investments Group Ltd. now owns 124,600 shares of the financial services provider's stock valued at $2,812,000 after purchasing an additional 78,256 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Remitly Global by 3.6% in the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Company Profile

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.