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

Remitly Global, Inc. (NASDAQ:RELY) insider Pankaj Sharma sold 2,000 shares of the stock in a transaction 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 transaction, the insider directly owned 218,830 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink.

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 transaction of $45,000.00.

Remitly Global Price Performance

RELY stock traded down $0.47 during trading on Thursday, hitting $12.78. The stock had a trading volume of 2,111,898 shares, compared to its average volume of 3,050,821. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.32. The company’s 50-day moving average price is $13.82 and its two-hundred day moving average price is $15.47. The stock has a market capitalization of $2.67 billion, a P/E ratio of 142.00 and a beta of 0.11.

Institutional Trading of Remitly Global

Hedge funds have recently made changes to their positions in the company. Cibc World Markets Corp acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $154,000. Tocqueville Asset Management L.P. grew its position in Remitly Global by 123.1% in the fourth quarter. Tocqueville Asset Management L.P. now owns 290,000 shares of the financial services provider’s stock worth $4,002,000 after acquiring an additional 160,000 shares during the period. New York State Common Retirement Fund increased its stake in Remitly Global by 5.1% during the fourth quarter. New York State Common Retirement Fund now owns 127,323 shares of the financial services provider’s stock worth $1,757,000 after acquiring an additional 6,200 shares during the last quarter. Swiss National Bank raised its position in Remitly Global by 2.8% in the fourth quarter. Swiss National Bank now owns 345,500 shares of the financial services provider’s stock valued at $4,768,000 after purchasing an additional 9,500 shares during the period. Finally, Empowered Funds LLC raised its position in Remitly Global by 9.5% in the fourth quarter. Empowered Funds LLC now owns 36,543 shares of the financial services provider’s stock valued at $504,000 after purchasing an additional 3,160 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

RELY has been the topic of several recent research reports. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Bank of America initiated coverage on shares of Remitly Global in a research note on Tuesday. They issued a “buy” rating and a $18.00 price target on the stock. Cantor Fitzgerald raised shares of Remitly Global to a “strong-buy” rating in a research note on Tuesday, January 27th. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. lowered their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.