Insider Selling: Remitly Global (NASDAQ:RELY) CEO Sells $227,348.97 in Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $15.59, for a total value of $227,348.97. Following the completion of the sale, the chief executive officer directly owned 4,515,188 shares in the company, valued at $70,391,780.92. This trade represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $15.59 on Monday. The company has a market cap of $3.21 billion, a P/E ratio of 259.88 and a beta of 0.10. Remitly Global, Inc. has a 1 year low of $14.28 and a 1 year high of $27.32. The stock’s fifty day moving average price is $17.62 and its 200-day moving average price is $19.00.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company’s revenue for the quarter was up 34.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.06) earnings per share. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Institutional Trading of Remitly Global

Hedge funds have recently bought and sold shares of the company. Elequin Capital LP purchased a new stake in Remitly Global during the first quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Remitly Global in the first quarter worth about $41,000. Exchange Traded Concepts LLC bought a new position in shares of Remitly Global in the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Remitly Global in the first quarter worth about $66,000. Finally, Flaharty Asset Management LLC bought a new position in shares of Remitly Global in the first quarter worth about $94,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RELY. Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. JMP Securities lowered their price target on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a report on Monday, September 15th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Wednesday, October 8th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. Finally, Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

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.