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 that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. This represents a 0.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Remitly Global Trading Up 1.5 %

RELY opened at $20.58 on Friday. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The company has a market capitalization of $4.13 billion, a PE ratio of -108.32 and a beta of 0.07. The firm’s 50 day simple moving average is $23.30 and its two-hundred day simple moving average is $19.71.

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

Analysts Set New Price Targets

RELY has been the topic of several research reports. BMO Capital Markets raised their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, 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 report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.13.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Remitly Global during the 4th quarter valued at $1,228,000. M&T Bank Corp bought a new stake in shares of Remitly Global during the 3rd quarter valued at $693,000. DHK Financial Advisors Inc. bought a new stake in shares of Remitly Global during the 4th quarter valued at $273,000. Robeco Institutional Asset Management B.V. raised its position in shares of Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock valued at $13,689,000 after purchasing an additional 49,200 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in shares of Remitly Global during the 3rd quarter valued at $628,000. 74.25% of the stock is currently owned by institutional investors.

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.