Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 21,000 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total value of $554,190.00. Following the sale, the insider owned 716,022 shares of the company's stock, valued at approximately $18,895,820.58. This represents a 2.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Remitly Global Price Performance
Shares of Remitly Global stock opened at $26.74 on Tuesday. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 19.24 and a beta of 0.34. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The stock has a 50-day simple moving average of $24.11 and a 200-day simple moving average of $20.48.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm's revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. As a group, equities research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of RELY. Corient Private Wealth LP raised its holdings in Remitly Global by 5.5% in the 2nd quarter. Corient Private Wealth LP now owns 209,457 shares of the financial services provider's stock worth $4,694,000 after acquiring an additional 10,843 shares during the period. HighTower Advisors LLC increased its stake in shares of Remitly Global by 10.7% in the second quarter. HighTower Advisors LLC now owns 17,437 shares of the financial services provider's stock worth $391,000 after purchasing an additional 1,684 shares during the period. California State Teachers Retirement System increased its stake in shares of Remitly Global by 2,123.3% in the second quarter. California State Teachers Retirement System now owns 4,633,604 shares of the financial services provider's stock worth $103,839,000 after purchasing an additional 4,425,195 shares during the period. Compass Financial Management LLC bought a new position in shares of Remitly Global in the second quarter worth about $82,000. Finally, AXQ Capital LP acquired a new position in shares of Remitly Global during the 2nd quarter worth about $357,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have recently commented on the stock. Wolfe Research increased their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 25th. Monness Crespi & Hardt reiterated a "buy" rating on shares of Remitly Global in a report on Thursday, August 6th. The Goldman Sachs Group increased their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. KeyCorp raised their target price on Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, Citizens Jmp boosted their price target on Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Remitly Global presently has a consensus rating of "Buy" and an average price target of $27.78.
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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