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 that occurred on Monday, March 17th. The stock was 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 approximately $83,602,896.03. The trade was a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Remitly Global Price Performance

Shares of RELY opened at $20.27 on Thursday. The stock has a market cap of $4.07 billion, a PE ratio of -106.68 and a beta of 0.07. The firm has a fifty day moving average price of $23.35 and a 200 day moving average price of $19.71. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. As a group, equities analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RELY. Wells Fargo & Company upped their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. William Blair reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. BMO Capital Markets boosted their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently made changes to their positions in RELY. Comerica Bank increased its position in Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock worth $577,000 after purchasing an additional 534 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 563 shares during the last quarter. Claro Advisors LLC grew its position in shares of Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 629 shares in the last quarter. Sei Investments Co. increased its stake in Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. raised its stake in Remitly Global by 4.4% during the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 653 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.