Key Points
- Insider sale: Director Pankaj Sharma sold 2,000 Remitly shares on Feb. 11 at an average of $13.70 for $27,400, leaving him with 218,830 shares (a 0.91% reduction); he also sold 3,000 shares on Dec. 10 at $15.00.
- Current trading and valuation: RELY opened at $12.79 and is trading near its 12‑month low (range $12.08–$27.32), with 50‑day/200‑day moving averages of $13.80/$15.45 and a market cap of about $2.67 billion.
- Analyst view: Wall Street shows a consensus of "Moderate Buy" with a $23.70 average price target (ratings: 2 Strong Buy, 9 Buy, 1 Hold, 1 Sell), amid several recent target and rating adjustments.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 2,000 shares of the company's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $13.70, for a total transaction of $27,400.00. Following the completion of the sale, the insider owned 218,830 shares in the company, valued at approximately $2,997,971. This trade represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Pankaj Sharma also recently made the following trade(s):
- On Wednesday, December 10th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The stock was sold at an average price of $15.00, for a total value of $45,000.00.
Remitly Global Stock Down 3.5%
RELY stock opened at $12.79 on Friday. The business has a 50 day moving average of $13.80 and a 200 day moving average of $15.45. The firm has a market cap of $2.67 billion, a PE ratio of 142.11 and a beta of 0.11. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.32.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of RELY. Torren Management LLC purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the fourth quarter valued at approximately $28,000. GAMMA Investing LLC grew its position in Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock valued at $30,000 after buying an additional 1,628 shares during the period. Essex Investment Management Co. LLC purchased a new stake in Remitly Global during the third quarter valued at approximately $33,000. Finally, HighMark Wealth Management LLC bought a new position in Remitly Global in the fourth quarter worth approximately $35,000. 74.25% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on RELY. Monness Crespi & Hardt cut their price objective on shares of Remitly Global from $32.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, November 6th. JPMorgan Chase & Co. reduced their price target on shares of Remitly Global from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday, January 20th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Remitly Global in a research report on Tuesday, January 6th. Zacks Research upgraded Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 20th. Finally, Cantor Fitzgerald upgraded Remitly Global to a "strong-buy" rating in a research note on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.70.
Get Our Latest Stock Report on Remitly Global
About Remitly Global
(
Get Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
