Remitly Global, Inc. (NASDAQ:RELY) CEO Sells $281,597.73 in Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the transaction, the chief executive officer now owns 4,329,513 shares of the company’s stock, valued at $83,602,896.03. This represents a 0.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Price Performance

Remitly Global stock opened at $20.33 on Friday. The stock has a market capitalization of $4.08 billion, a P/E ratio of -107.00 and a beta of 0.07. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The firm’s 50-day moving average is $23.25 and its two-hundred day moving average is $19.76.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data 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 analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter worth about $28,000. R Squared Ltd purchased a new position in Remitly Global in the fourth quarter valued at approximately $89,000. Advisors Asset Management Inc. raised its holdings in 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 buying an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in Remitly Global in the third quarter valued at approximately $76,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Remitly Global in the fourth quarter valued at approximately $135,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RELY. BMO Capital Markets increased their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Barclays increased their price objective 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. William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.13.

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.