Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) Insider Sells 4,000 Shares of Stock

Key Points

• Pankaj Sharma, an insider at Remitly Global, Inc., sold 4,000 shares of the company's stock at an average price of $20.00, amounting to a total of $80,000, which reduced his ownership in the company to 182,926 shares.
• Remitly Global's latest earnings report revealed an EPS of $0.04, falling short of analysts' expectations of $0.18, despite a 34.4% year-over-year revenue increase to $411.85 million.
• Several analysts have recently upgraded their price targets for Remitly Global, with Barclays raising it to $27.00 and KeyCorp increasing it to $28.00, while the consensus rating remains a "Moderate Buy".

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 4,000 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider owned 182,926 shares of the company's stock, valued at $3,658,520. This trade represents a 2.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Wednesday, August 13th, Pankaj Sharma sold 5,000 shares of Remitly Global stock. The stock was sold at an average price of $19.71, for a total value of $98,550.00.

Remitly Global Trading Down 0.3%

Remitly Global stock traded down $0.05 during mid-day trading on Friday, hitting $19.60. The company had a trading volume of 2,754,201 shares, compared to its average volume of 4,833,845. The stock's 50 day moving average price is $18.44 and its two-hundred day moving average price is $20.72. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32. The company has a market capitalization of $4.04 billion, a PE ratio of 326.72 and a beta of 0.12.

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

Analysts Set New Price Targets

Several research firms have weighed in on RELY. KeyCorp reissued an "overweight" rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Barclays upped their price target on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. The Goldman Sachs Group upped their price target on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Monness Crespi & Hardt upped their price target on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $29.00.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Elequin Capital LP purchased a new stake in Remitly Global in the first quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Remitly Global in the first quarter worth about $41,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global in the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global in the first quarter worth about $66,000. Finally, Flaharty Asset Management LLC purchased a new stake in Remitly Global in the first quarter worth about $94,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

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.