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

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the sale, the chief executive officer directly owned 4,212,849 shares of the company’s stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Remitly Global Stock Performance

RELY stock opened at $16.98 on Friday. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of -566.83 and a beta of 0.13. The firm has a 50-day simple moving average of $20.39 and a two-hundred day simple moving average of $21.52. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. The company had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. Remitly Global’s quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.11) EPS. As a group, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter worth $315,000. PNC Financial Services Group Inc. boosted its holdings in Remitly Global by 65.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,318 shares of the financial services provider’s stock valued at $301,000 after purchasing an additional 5,290 shares in the last quarter. Swiss National Bank boosted its holdings in Remitly Global by 2.1% in the fourth quarter. Swiss National Bank now owns 287,800 shares of the financial services provider’s stock valued at $6,496,000 after purchasing an additional 6,000 shares in the last quarter. Cibc World Markets Corp purchased a new stake in Remitly Global in the fourth quarter valued at approximately $315,000. Finally, Xponance Inc. purchased a new stake in Remitly Global in the fourth quarter valued at approximately $245,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on RELY shares. KeyCorp increased their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. JMP Securities reiterated a “market outperform” rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Finally, Barclays lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, May 12th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.88.

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.