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

Key Points

• Pankaj Sharma sold 10,000 shares of Remitly Global on April 17 at an average price of $20.00 for $200,000, reducing his stake to 665,878 shares (a 1.48% decrease); the sale was executed under a Rule 10b5-1 trading plan.
• Sharma has sold a total of 25,000 Remitly shares so far this year across transactions on Feb. 11, Feb. 19, Apr. 1 and Apr. 17, generating roughly $429,050 in proceeds at varying prices.
• Remitly shares are trading around $20.80 with a $4.38 billion market cap after a recent quarter that beat EPS and revenue estimates, and analysts hold a consensus Buy rating with an average price target of $22.67.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 10,000 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the sale, the insider owned 665,878 shares of the company's stock, valued at $13,317,560. This trade represents a 1.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Wednesday, April 1st, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $15.26, for a total transaction of $152,600.00.
• On Thursday, February 19th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The stock was sold at an average price of $16.35, for a total transaction 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 transaction of $27,400.00.

Remitly Global Price Performance

Shares of Remitly Global stock traded up $0.16 during mid-day trading on Tuesday, reaching $20.80. 2,975,178 shares of the stock were exchanged, compared to its average volume of 3,701,612. The company has a market cap of $4.38 billion, a price-to-earnings ratio of 67.10, a price-to-earnings-growth ratio of 0.71 and a beta of 0.09. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a 50-day simple moving average of $16.19 and a 200 day simple moving average of $14.88. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week 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. The business had revenue of $442.18 million during the quarter, compared to analysts' expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm's revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) EPS. On average, sell-side analysts predict that Remitly Global, Inc. will post 0.51 EPS for the current fiscal year.

Analysts Set New Price Targets

RELY has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, February 20th. Bank of America initiated coverage on shares of Remitly Global in a report on Tuesday, February 10th. They set a "buy" rating and a $18.00 price objective on the stock. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $20.00 to $24.00 and gave the stock an "overweight" rating in a report on Tuesday. Oppenheimer set a $20.00 price objective on shares of Remitly Global in a report on Thursday, February 19th. Finally, Freedom Capital raised shares of Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $22.67.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock worth $1,848,000 after acquiring an additional 3,870 shares during the last quarter. Millennium Management LLC boosted its stake in shares of 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 purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP bought a new position in shares of Remitly Global in the 1st quarter valued at about $218,000. Focus Partners Wealth bought a new position in shares of Remitly Global in the 1st quarter valued at about $1,458,000. Finally, Cetera Investment Advisers boosted its stake in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after purchasing an additional 1,286 shares during the last quarter. 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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