Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) CEO Sells 14,583 Shares of Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Remitly Global Stock Down 0.5 %

NASDAQ:RELY traded down $0.12 during mid-day trading on Friday, hitting $25.40. 1,286,948 shares of the stock traded hands, compared to its average volume of 1,549,421. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $25.74. The company has a market cap of $5.03 billion, a PE ratio of -72.57 and a beta of 0.07. The business’s 50-day moving average price is $22.57 and its 200 day moving average price is $17.73.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RELY. KeyCorp raised their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company boosted their target price on Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Barclays lifted their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday. Finally, JMP Securities increased their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and an average price target of $23.75.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares in the last quarter. M&T Bank Corp purchased a new stake in Remitly Global during the third quarter valued at about $693,000. DHK Financial Advisors Inc. bought a new position in shares of Remitly Global during the fourth quarter valued at about $273,000. Robeco Institutional Asset Management B.V. increased its holdings in shares of Remitly Global by 8.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after buying an additional 49,200 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in shares of Remitly Global in the 3rd quarter valued at about $628,000. Institutional investors own 74.25% of the company’s stock.

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.