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

Key Points

• Pankaj Sharma sold 10,000 shares of Remitly on April 1 at an average price of $15.26 for $152,600 under a pre-arranged Rule 10b5-1 plan, reducing his stake to 665,878 shares (a 1.48% decrease).
• Remitly beat quarterly estimates with $0.19 EPS and $442.18M revenue (up 25.7% YoY); analysts still show a consensus "Buy" with an average price target of $22.78.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $15.26, for a total transaction of $152,600.00. Following the sale, the insider owned 665,878 shares of the company's stock, valued at $10,161,298.28. The trade was a 1.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through 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 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 value of $49,050.00.
• On Wednesday, February 11th, Pankaj Sharma sold 2,000 shares of Remitly Global stock. The stock was sold at an average price of $13.70, for a total value of $27,400.00.

Remitly Global Price Performance

Shares of RELY traded up $0.27 during trading hours on Thursday, hitting $16.02. 2,001,425 shares of the company were exchanged, compared to its average volume of 3,152,303. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The company has a market capitalization of $3.37 billion, a PE ratio of 51.68, a PEG ratio of 0.56 and a beta of 0.09. The firm has a fifty day simple moving average of $15.13 and a 200-day simple moving average of $14.82. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. Remitly Global's revenue for the quarter was up 25.7% compared to the same quarter last year. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

RELY has been the subject of several recent analyst reports. Zacks Research upgraded shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 20th. Cantor Fitzgerald boosted their price target on shares of Remitly Global from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, February 19th. Oppenheimer set a $20.00 price target on shares of Remitly Global in a research report on Thursday, February 19th. Bank of America began coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They issued a "buy" rating and a $18.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global currently has an average rating of "Buy" and a consensus target price of $22.78.

Hedge Funds Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock worth $1,848,000 after purchasing an additional 3,870 shares in the last quarter. Millennium Management LLC increased its stake in Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock valued at $7,142,000 after buying an additional 124,798 shares during the period. Caxton Associates LLP acquired a new position in Remitly Global in the 1st quarter valued at approximately $218,000. Focus Partners Wealth purchased a new stake in Remitly Global in the 1st quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers boosted its stake in shares of Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after buying an additional 1,286 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

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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