Matthew B. Oppenheimer Sells 14,583 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on 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 trade represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Remitly Global Price Performance

Shares of RELY stock opened at $20.33 on Friday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of -107.00 and a beta of 0.07. The business has a 50 day simple moving average of $23.25 and a 200 day simple moving average of $19.76.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Barclays boosted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. The Goldman Sachs Group boosted their price target on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Wells Fargo & Company boosted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.13.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in Remitly Global in the fourth quarter worth approximately $28,000. R Squared Ltd acquired a new stake in Remitly Global in the fourth quarter worth approximately $89,000. Advisors Asset Management Inc. lifted its position 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 worth $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. acquired a new stake in Remitly Global in the third quarter worth approximately $76,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global in the fourth quarter worth approximately $135,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.