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 Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the sale, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. The trade was a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Remitly Global Stock Down 1.7 %

RELY stock opened at $21.36 on Friday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $22.08. The business has a 50-day moving average of $17.87 and a 200-day moving average of $14.89.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the firm posted ($0.20) EPS. The business’s revenue was up 39.3% on a year-over-year basis. On average, equities analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. bought a new position in shares of Remitly Global in the second quarter valued at $43,000. Advisors Asset Management Inc. increased its stake in shares of Remitly Global by 58.7% during 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. bought a new stake in Remitly Global in the 3rd quarter valued at $76,000. FMR LLC grew its holdings in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC increased its position in Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after buying an additional 8,700 shares during the period. Institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. KeyCorp increased their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. BMO Capital Markets raised their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lifted their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 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 MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and an average target price of $22.75.

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.