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 Remitly Global stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Remitly Global Trading Down 2.3 %

Shares of NASDAQ RELY traded down $0.53 during mid-day trading on Friday, hitting $23.02. The company had a trading volume of 1,473,466 shares, compared to its average volume of 1,343,620. The firm has a 50-day simple moving average of $21.80 and a two-hundred day simple moving average of $16.93. The company has a market capitalization of $4.56 billion, a PE ratio of -65.77 and a beta of 0.07. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $23.74.

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

Institutional Trading of Remitly Global

A number of large investors have recently added to or reduced their stakes in RELY. Millennium Management LLC raised its holdings in shares of Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after purchasing an additional 2,071,026 shares during the period. Principal Financial Group Inc. lifted its position in shares of 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 valued at $27,058,000 after buying an additional 2,001,198 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Remitly Global by 25.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after acquiring an additional 435,827 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in shares of Remitly Global by 13.8% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after acquiring an additional 431,987 shares during the period. Finally, Barclays PLC increased its holdings in shares of Remitly Global by 19.2% during the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after acquiring an additional 227,231 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on RELY. Barclays lifted their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. KeyCorp boosted their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Wells Fargo & Company raised their target price on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, JMP Securities upped their price target 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. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.13.

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.