Remitly Global (NASDAQ:RELY) CEO Matthew Oppenheimer Sells 14,583 Shares

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew Oppenheimer sold 14,583 shares of Remitly Global 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 of the company’s stock, valued at $70,391,780.92. The trade was a 0.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Remitly Global Price Performance

Shares of RELY stock opened at $15.59 on Friday. The company has a market cap of $3.21 billion, a price-to-earnings 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 firm has a fifty day moving average price of $17.62 and a 200-day moving average price of $19.03.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates 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%.Remitly Global’s revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.06) EPS. Equities research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RELY shares. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. JMP Securities dropped their target price on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research report on Monday, September 15th. The Goldman Sachs Group reduced their price target on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in Remitly Global by 2,744.4% during the first quarter. GAMMA Investing LLC now owns 17,493 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 16,878 shares during the period. Exchange Traded Concepts LLC purchased a new stake in Remitly Global during the 1st quarter valued at $46,000. Clarius Group LLC purchased a new stake in Remitly Global during the 1st quarter valued at $239,000. Allspring Global Investments Holdings LLC lifted its position in Remitly Global by 13.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 62,336 shares of the financial services provider’s stock worth $1,297,000 after buying an additional 7,533 shares during the last quarter. Finally, KBC Group NV boosted its stake in Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock worth $165,000 after buying an additional 1,823 shares during the period. 74.25% of the stock is owned by institutional investors.

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.