Oak Ridge Investments LLC Sells 3,862 Shares of Remitly Global, Inc. $RELY

Oak Ridge Investments LLC lowered its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 4.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,882 shares of the financial services provider’s stock after selling 3,862 shares during the period. Oak Ridge Investments LLC’s holdings in Remitly Global were worth $1,574,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elequin Capital LP bought a new stake in shares of Remitly Global during the 1st quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Remitly Global in the 1st quarter valued at $41,000. Exchange Traded Concepts LLC bought a new stake in Remitly Global in the 1st quarter valued at $46,000. Caitong International Asset Management Co. Ltd bought a new stake in Remitly Global in the 1st quarter valued at $66,000. Finally, Flaharty Asset Management LLC bought a new stake in Remitly Global in the 1st quarter valued at $94,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

RELY stock opened at $14.99 on Friday. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 249.87 and a beta of 0.10. The business’s fifty day moving average price is $17.83 and its two-hundred day moving average price is $19.21. Remitly Global, Inc. has a fifty-two week low of $12.57 and a fifty-two week high of $27.32.

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

Insider Buying and Selling

In related news, Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director owned 112,496 shares in the company, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $16.68, for a total value of $243,244.44. Following the completion of the transaction, the chief executive officer owned 4,544,354 shares in the company, valued at $75,799,824.72. The trade was a 0.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,943 shares of company stock worth $1,720,993 over the last three months. Company insiders own 7.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a research note on Wednesday. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. JMP Securities dropped their price target on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, September 15th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, KeyCorp restated an “overweight” rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and a consensus target price of $27.88.

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.