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 the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the sale, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. The trade was a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $20.58 on Friday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The company has a 50 day simple moving average of $23.30 and a two-hundred day simple moving average of $19.71. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of -108.32 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. On average, analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in RELY. Global Retirement Partners LLC bought a new position in shares of Remitly Global during the fourth quarter valued at approximately $28,000. Advisors Asset Management Inc. grew its holdings in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new stake in shares of Remitly Global during the third quarter valued at approximately $76,000. R Squared Ltd purchased a new stake in shares of Remitly Global during the fourth quarter valued at approximately $89,000. Finally, FMR LLC grew its holdings in shares of Remitly Global by 39.8% during 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. Institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RELY. The Goldman Sachs Group lifted their price objective on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. BMO Capital Markets boosted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Barclays lifted their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.13.

About Remitly Global

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.