Key Points
- Remitly director Phillip John Riese sold 40,000 shares on April 17 at an average price of $20.04 for roughly $801,600, cutting his position by 24.62%; the transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
- Remitly beat expectations in the Feb. 18 quarter with EPS $0.19 vs. $0.02 expected and revenue of $442.2M (up 25.7% year-over-year), signaling stronger-than-expected growth and profitability improvements.
- Analyst sentiment is broadly positive — MarketBeat shows a consensus "Buy" rating with a $22.67 average price target, and multiple firms recently raised price targets or ratings.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the completion of the sale, the insider directly owned 665,878 shares of the company's stock, valued at $13,317,560. This represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 shares were sold at an average price of $15.26, for a total value of $152,600.00.
- On Thursday, February 19th, Pankaj Sharma sold 3,000 shares of Remitly Global stock. The shares were sold at an average price of $16.35, for a total value 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 value of $27,400.00.
Remitly Global Stock Up 0.8%
RELY opened at $20.80 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The business has a 50 day simple moving average of $16.33 and a 200-day simple moving average of $14.92. The stock has a market capitalization of $4.38 billion, a P/E ratio of 67.10, a P/E/G ratio of 0.73 and a beta of 0.09. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.70.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly 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 business had revenue of $442.18 million during the quarter, compared to analysts' expectations of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company's quarterly revenue was up 25.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.03) EPS. On average, equities analysts anticipate that Remitly Global, Inc. will post 0.51 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
RELY has been the subject of several recent analyst reports. Weiss Ratings raised Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, February 20th. KeyCorp lifted their price objective on Remitly Global from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Tuesday. Wall Street Zen cut Remitly Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. Oppenheimer set a $20.00 price objective on Remitly Global in a report on Thursday, February 19th. Finally, Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 20th. Two investment 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 company's stock. According to MarketBeat, Remitly Global currently has an average rating of "Buy" and a consensus price target of $22.67.
Check Out Our Latest Research Report on Remitly Global
Hedge Funds Weigh In On Remitly Global
Several hedge funds and other institutional investors have recently bought and sold shares of the company. OP Asset Management Ltd acquired a new position in Remitly Global during the first quarter worth $412,000. Creek Drive Management Group LLC acquired a new position in Remitly Global during the fourth quarter worth $2,036,000. PEAK6 LLC raised its holdings in Remitly Global by 260.0% during the fourth quarter. PEAK6 LLC now owns 46,928 shares of the financial services provider's stock worth $648,000 after purchasing an additional 76,258 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Remitly Global by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider's stock worth $2,843,000 after purchasing an additional 8,300 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Remitly Global during the fourth quarter worth $268,000. 74.25% of the stock is owned by institutional investors and hedge funds.
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.
Featured Articles
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].
