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

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the sale, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Remitly Global Stock Down 2.3 %

Remitly Global stock opened at $23.02 on Friday. The company has a fifty day simple moving average of $21.94 and a 200-day simple moving average of $17.05. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $23.74.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter in the prior year, the company earned ($0.20) EPS. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. Equities analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RELY shares. JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company increased their target price on Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. KeyCorp boosted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Barclays increased their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus target price of $23.13.

Hedge Funds Weigh In On Remitly Global

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

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.