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 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 completion of the sale, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Stock Performance

Shares of Remitly Global stock traded down $0.53 during midday trading on Friday, hitting $23.02. 1,473,466 shares of the company traded hands, compared to its average volume of 1,343,620. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of -65.77 and a beta of 0.07. The firm’s fifty day moving average price is $21.80 and its 200-day moving average price is $16.93. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $23.74.

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

Analysts Set New Price Targets

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

Institutional Trading of Remitly Global

A number of hedge funds have recently made changes to their positions in RELY. Dimensional Fund Advisors LP raised its holdings in Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after buying an additional 435,827 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Remitly Global by 1,209.8% in the second quarter. Hsbc Holdings PLC now owns 197,498 shares of the financial services provider’s stock worth $2,386,000 after purchasing an additional 182,420 shares during the last quarter. XTX Topco Ltd increased its holdings in Remitly Global by 39.7% in the second quarter. XTX Topco Ltd now owns 13,952 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 3,968 shares during the period. Ensign Peak Advisors Inc bought a new position in Remitly Global during the 2nd quarter worth $571,000. Finally, Marshall Wace LLP acquired a new position in Remitly Global during the 2nd quarter worth about $2,560,000. 74.25% of the stock is owned by institutional investors and hedge funds.

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.