Oppenheimer & Co. Inc. Sells 26,096 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Oppenheimer & Co. Inc. reduced its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 61.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,269 shares of the financial services provider's stock after selling 26,096 shares during the period. Oppenheimer & Co. Inc.'s holdings in Remitly Global were worth $338,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Clarius Group LLC bought a new stake in Remitly Global during the first quarter worth $239,000. Exchange Traded Concepts LLC bought a new stake in Remitly Global during the first quarter worth $46,000. SG Americas Securities LLC bought a new stake in Remitly Global during the first quarter worth $1,008,000. Simplicity Wealth LLC bought a new stake in Remitly Global during the first quarter worth $580,000. Finally, DHK Financial Advisors Inc. lifted its stake in Remitly Global by 19.1% during the first quarter. DHK Financial Advisors Inc. now owns 14,425 shares of the financial services provider's stock worth $300,000 after purchasing an additional 2,316 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Up 1.3%

Remitly Global stock traded up $0.25 during trading hours on Friday, reaching $18.51. 1,967,056 shares of the company's stock were exchanged, compared to its average volume of 2,160,247. The firm's 50 day simple moving average is $20.96 and its 200 day simple moving average is $21.80. Remitly Global, Inc. has a twelve month low of $12.33 and a twelve month high of $27.32. The firm has a market capitalization of $3.77 billion, a PE ratio of -616.83 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The firm had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same period last year, the business posted ($0.11) EPS. The business's revenue was up 34.3% compared to the same quarter last year. Analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on RELY shares. The Goldman Sachs Group upped their target price on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. JMP Securities restated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. Monness Crespi & Hardt boosted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Barclays boosted their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Finally, KeyCorp boosted their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Insider Buying and Selling

In other news, Director Joshua Hug sold 20,000 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the sale, the director directly owned 3,713,811 shares in the company, valued at $78,249,997.77. This trade represents a 0.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Luke Tavis sold 2,920 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the sale, the chief accounting officer owned 1,208 shares of the company's stock, valued at approximately $25,549.20. This represents a 70.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,084,968 shares of company stock worth $276,321,392 over the last 90 days. 7.50% of the stock is owned by company insiders.

Remitly Global 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.