Key Points
- Insider sale: Pankaj Sharma sold 3,000 Remitly shares on Dec. 10 at an average price of $15 (proceeds $45,000), trimming his stake by 1.34% to 220,830 shares; he also sold 2,000 shares on Nov. 12.
- Recent results and analyst view: Remitly beat last quarter's expectations with $0.04 EPS and $419.5M revenue (up 24.7% YoY), but analysts are mixed — a consensus "Moderate Buy" and $25.88 target coexist with recent downgrades and target cuts.
- Institutional backing: About 74% of shares are institutionally owned, with large position increases from Vanguard, Arrowstreet and others, signaling strong institutional inflows despite mixed market opinions.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 3,000 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total value of $45,000.00. Following the completion of the sale, the insider directly owned 220,830 shares of the company's stock, valued at approximately $3,312,450. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Pankaj Sharma also recently made the following trade(s):
- On Wednesday, November 12th, Pankaj Sharma sold 2,000 shares of Remitly Global stock. The stock was sold at an average price of $12.47, for a total value of $24,940.00.
Remitly Global Trading Up 0.6%
NASDAQ RELY opened at $15.02 on Friday. The business has a fifty day simple moving average of $14.49 and a 200 day simple moving average of $17.18. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.32. The firm has a market capitalization of $3.14 billion, a P/E ratio of 166.26 and a beta of 0.11.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.02. The firm had revenue of $419.49 million for the quarter, compared to the consensus estimate of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The business's revenue for the quarter was up 24.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.01 EPS. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of RELY. Vanguard Group Inc. raised its holdings in shares of Remitly Global by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider's stock worth $311,109,000 after purchasing an additional 306,099 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock worth $90,530,000 after buying an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in Remitly Global by 46.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider's stock worth $90,159,000 after buying an additional 1,748,576 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock valued at $106,867,000 after buying an additional 4,037,151 shares during the period. Finally, Marshall Wace LLP raised its stake in shares of Remitly Global by 74.4% in the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider's stock valued at $74,966,000 after buying an additional 1,962,076 shares during the period. 74.25% of the stock is owned by institutional investors.
Analysts Set New Price Targets
RELY has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of Remitly Global from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on Remitly Global from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Thursday, November 6th. JMP Securities reduced their target price on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, September 15th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Friday, October 10th. Finally, Zacks Research cut Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 3rd. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.88.
Get Our Latest Research Report on Remitly Global
Remitly Global Company Profile
(
Get Free Report)
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.
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