Remitly Global, Inc. (NASDAQ:RELY) CEO Sells $281,597.73 in Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. This represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Remitly Global Trading Up 4.0 %

Remitly Global stock traded up $0.78 during trading hours on Wednesday, hitting $20.27. 1,985,129 shares of the stock traded hands, compared to its average volume of 1,761,627. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The company has a market cap of $4.07 billion, a PE ratio of -106.68 and a beta of 0.07. The firm’s 50-day moving average price is $23.40 and its two-hundred day moving average price is $19.70.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to analysts’ expectations 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, sell-side analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. William Blair restated an “outperform” rating on shares of Remitly Global in a report 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 research report on Thursday, February 20th. Barclays upped their price target on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. The Goldman Sachs Group raised their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RELY. Global Retirement Partners LLC bought a new stake in Remitly Global in the fourth quarter worth $28,000. R Squared Ltd purchased a new position in shares of Remitly Global in the 4th quarter worth about $89,000. Advisors Asset Management Inc. boosted its stake in Remitly Global by 58.7% in the 3rd 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 in the last quarter. Assetmark Inc. purchased a new stake in Remitly Global during the 3rd quarter valued at about $76,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Remitly Global during the 4th quarter valued at about $135,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.