Matthew B. Oppenheimer Sells 14,583 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the sale, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $23.02 on Friday. The firm has a market cap of $4.56 billion, a PE ratio of -65.77 and a beta of 0.07. The firm has a fifty day moving average of $21.94 and a 200 day moving average of $17.08. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $23.74.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. On average, equities analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently modified their holdings of the company. R Squared Ltd purchased a new stake in shares of Remitly Global in the fourth quarter valued at about $89,000. Advisors Asset Management Inc. grew its holdings in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. purchased a new stake in shares of Remitly Global in the third quarter valued at about $76,000. KBC Group NV lifted its position in Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,033 shares during the last quarter. Finally, FMR LLC lifted its position in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. KeyCorp lifted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company lifted their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. JMP Securities boosted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Finally, Barclays boosted their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and an average price target of $23.13.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.