Key Points
- Pankaj Sharma sold 3,000 Remitly shares on Feb. 19 at an average price of $16.35 for $49,050, reducing his direct stake by 1.37% to 215,830 shares worth about $3.53M.
- Remitly beat estimates with quarterly EPS of $0.19 (vs. $0.02 expected) and revenue of $442.18M (+25.7% YoY), yet the stock traded down ~5% while analysts maintain a consensus "Buy" rating and a $22.78 target.
- Sharma has been selling repeatedly in recent months (also 2,000 shares on Feb. 11 at $13.70 and 3,000 on Dec. 10 at $15), indicating a pattern of insider disposals.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 3,000 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $16.35, for a total transaction of $49,050.00. Following the transaction, the insider directly owned 215,830 shares in the company, valued at $3,528,820.50. The trade was a 1.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Pankaj Sharma also recently made the following trade(s):
- On Wednesday, February 11th, Pankaj Sharma sold 2,000 shares of Remitly Global stock. The shares were sold at an average price of $13.70, for a total value of $27,400.00.
- On Wednesday, December 10th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The shares were sold at an average price of $15.00, for a total value of $45,000.00.
Remitly Global Trading Down 5.0%
NASDAQ:RELY opened at $16.30 on Tuesday. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.79. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The company has a market cap of $3.43 billion, a PE ratio of 52.58 and a beta of 0.11. The business's 50 day moving average is $13.85 and its two-hundred day moving average is $15.32.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same period in the prior year, the company posted ($0.03) EPS. The business's revenue was up 25.7% compared to the same quarter last year. On average, analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective 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. Citigroup restated an "outperform" rating on shares of Remitly Global in a research note on Thursday. The Goldman Sachs Group upped their target price on Remitly Global from $17.00 to $20.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen upgraded Remitly Global from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $22.78.
Read Our Latest Analysis on Remitly Global
Institutional Trading of Remitly Global
Several hedge funds have recently added to or reduced their stakes in RELY. Torren Management LLC acquired a new position in Remitly Global during the 4th quarter worth $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global during the fourth quarter valued at about $28,000. GAMMA Investing LLC lifted its holdings in Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock worth $30,000 after purchasing an additional 1,628 shares during the period. Essex Investment Management Co. LLC bought a new position in Remitly Global in the 3rd quarter valued at about $33,000. Finally, HighMark Wealth Management LLC acquired a new position in Remitly Global during the 4th quarter valued at about $35,000. Institutional investors own 74.25% of the company's stock.
Remitly Global Company Profile
(
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.
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