Remitly Global (NASDAQ:RELY) Insider Sells $27,400.00 in Stock

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 2,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 11th. The shares were 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 of the company’s stock, valued at approximately $2,997,971. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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 Price Performance

Shares of NASDAQ RELY opened at $12.76 on Friday. The business has a fifty day moving average price of $13.79 and a two-hundred day moving average price of $15.41. The stock has a market capitalization of $2.67 billion, a PE ratio of 141.78 and a beta of 0.11. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.32.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC raised its position in Remitly Global by 57.1% in the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of Remitly Global during the first quarter valued at about $218,000. Focus Partners Wealth bought a new stake in shares of Remitly Global during the first quarter worth about $1,458,000. Finally, KLP Kapitalforvaltning AS grew its holdings in shares of Remitly Global by 13.5% during the second quarter. KLP Kapitalforvaltning AS now owns 31,900 shares of the financial services provider’s stock worth $599,000 after purchasing an additional 3,800 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RELY has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. The Goldman Sachs Group reiterated a “buy” rating and issued a $17.00 price target on shares of Remitly Global in a research note on Tuesday, January 6th. Finally, Bank of America assumed coverage on Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.70.

Remitly Global Company Profile

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.