Key Points
- Insider 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, leaving him with 665,878 shares (a 1.48% reduction).
- Remitly recently beat quarterly estimates (EPS $0.19 vs. $0.02; revenue $442.18M vs. $427.27M, up 25.7% YoY), and analysts hold a consensus Buy rating with a $22.78 target price.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 10,000 shares of the firm's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $15.26, for a total transaction of $152,600.00. Following the completion of the transaction, the insider directly owned 665,878 shares in the company, valued at $10,161,298.28. This trade represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 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 shares were sold at an average price of $13.70, for a total transaction of $27,400.00.
Remitly Global Price Performance
Shares of RELY stock opened at $16.02 on Friday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. The stock has a market cap of $3.37 billion, a PE ratio of 51.68, a PEG ratio of 0.56 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The firm's 50 day moving average price is $15.13 and its two-hundred day moving average price is $14.82.
Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.02 by $0.17. The company 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 business's revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) EPS. As a group, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.
Institutional Trading of Remitly Global
Several hedge funds have recently added to or reduced their stakes in the business. Torren Management LLC bought a new position in Remitly Global during the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global in the fourth quarter valued at about $28,000. GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 1,628 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in shares of Remitly Global during the third quarter worth about $33,000. Finally, HighMark Wealth Management LLC bought a new position in shares of Remitly Global during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 74.25% of the company's stock.
Wall Street Analyst Weigh In
RELY has been the topic of several analyst reports. Oppenheimer set a $20.00 target price on Remitly Global in a research note on Thursday, February 19th. Citizens Jmp boosted their target price on Remitly Global from $20.00 to $22.00 and gave the stock a "market outperform" rating in a research report on Thursday, February 19th. Wall Street Zen cut Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. Bank of America began coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Weiss Ratings raised shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Remitly Global has a consensus rating of "Buy" and a consensus target price of $22.78.
Read Our Latest Analysis on RELY
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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